The fastest sensible way to clear high-interest debt

Write down every balance, annual percentage rate, minimum payment and due date. Automate the minimum on each account so one missed payment does not create fees or damage your credit history. Then direct every extra pound or dollar to one target debt.

The avalanche method targets the highest interest rate first and usually minimises total interest. The snowball method targets the smallest balance first and can create faster psychological wins. Either can work if you follow it consistently, but the avalanche is the mathematical default.

Before sending extra money

  • Keep a starter cash buffer so a routine surprise does not return to the card.
  • Check whether a promotional rate ends soon or an early repayment charge applies.
  • Stop adding new purchases to the target account where possible.

If minimum payments are no longer affordable, contact the lender early and use a reputable nonprofit or regulated debt-advice service. Do not borrow again to hide the problem.

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