Paying off debt in a smart way can reduce the amount of interest you pay. For example, if you’re being charged interest on your credit card, a 0% balance transfer credit card could save you money.
If you have multiple debts, a cost effective option may be to repay the debt with the highest interest rate first, as it’s charging you the most to borrow the money. Keep in mind - you’ll still need to meet at least the minimum repayments on all debts to avoid charges.
If juggling multiple debts is too stressful, a debt consolidation loan can be a way to simplify your repayments and help you get back on track. However, it’s important to consider whether you’ll repay more on a monthly basis and over the course of the loan.