{"id":27711,"date":"2023-10-03T11:55:30","date_gmt":"2023-10-03T11:55:30","guid":{"rendered":"https:\/\/www.lendingstream.co.uk\/blog\/?p=27711"},"modified":"2023-10-03T11:55:31","modified_gmt":"2023-10-03T11:55:31","slug":"which-debt-should-i-pay-off-first","status":"publish","type":"post","link":"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/","title":{"rendered":"Which Debt Should I Pay Off First? (7 Steps Guide)"},"content":{"rendered":"\n<p>Managing debt may seem daunting, but a carefully crafted plan can help you regain financial control and move toward a debt-free future. When handling your debts, smart prioritization is key.<\/p>\n\n\n\n<p>Let&#8217;s guide you through the process of determining which debt to pay off first, enabling you to save money, alleviate stress, and pave your path to financial freedom.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f3c16e6b013\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f3c16e6b013\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#where_to_begin_with_paying_off_your_debts\" >Where to begin with paying off your debts?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#1_make_a_list_of_your_debts\" >1. Make a list of your debts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#2_identify_high-priority_debts\" >2. Identify high-priority debts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#3_pay_the_minimum_on_all_debts\" >3. Pay the minimum on all debts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#4_consider_debt_consolidation\" >4. Consider debt consolidation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#5_create_a_budget\" >5. Create a budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#6_establish_an_emergency_fund\" >6. Establish an emergency fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#7_should_i_pay_off_my_secured_or_unsecured_debts_first\" >7. Should I pay off my secured or unsecured debts first?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#repayment_methods_the_debt_snowball_vs_avalanche\" >Repayment methods: The debt snowball vs. avalanche<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#1_debt_snowball\" >1. Debt snowball<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#2_debt_avalanche\" >2. Debt avalanche<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#how_to_stay_motivated_when_paying_your_debts\" >How to stay motivated when paying your debts?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#bottom_line\" >Bottom line<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#faqs\" >FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#what_is_the_smartest_debt_to_pay_off_first\" >What is the smartest debt to pay off first?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#can_i_just_pay_the_minimum_monthly_payments_on_several_debts\" >Can I just pay the minimum monthly payments on several debts?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#is_the_debt_snowball_method_better_than_the_debt_avalanche_method\" >Is the debt snowball method better than the debt avalanche method?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/which-debt-should-i-pay-off-first\/#how_can_i_clear_my_debt_without_money\" >How can I clear my debt without money?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"where_to_begin_with_paying_off_your_debts\"><\/span><strong>Where to begin with paying off your debts?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"532\" height=\"399\" src=\"https:\/\/www.lendingstream.co.uk\/blog\/wp-content\/uploads\/2023\/10\/Where-to-begin-with-paying-off-your-debts.jpg\" alt=\"Where to begin with paying off your debts\" class=\"wp-image-27713\" srcset=\"https:\/\/www.lendingstream.co.uk\/blog\/wp-content\/uploads\/2023\/10\/Where-to-begin-with-paying-off-your-debts.jpg 532w, https:\/\/www.lendingstream.co.uk\/blog\/wp-content\/uploads\/2023\/10\/Where-to-begin-with-paying-off-your-debts-300x225.jpg 300w, https:\/\/www.lendingstream.co.uk\/blog\/wp-content\/uploads\/2023\/10\/Where-to-begin-with-paying-off-your-debts-80x60.jpg 80w, https:\/\/www.lendingstream.co.uk\/blog\/wp-content\/uploads\/2023\/10\/Where-to-begin-with-paying-off-your-debts-265x198.jpg 265w\" sizes=\"(max-width: 532px) 100vw, 532px\" \/><\/figure>\n\n\n\n<p>When it comes to tackling your debts, a little strategy goes a long way. Here&#8217;s a smart way to start:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_make_a_list_of_your_debts\"><\/span><strong>1. Make a list of your debts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Start by gathering information about all your debts, including the outstanding balance, interest rate, and minimum monthly payment for each. Then sort your debts by the interest rate, from highest to lowest. This step is crucial because high-interest debts can quickly accumulate and cost you more in the long run.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_identify_high-priority_debts\"><\/span><strong>2. Identify high-priority debts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Focus on debts with the highest interest rates first. Why? Well, high-interest debt can quickly spiral out of control. These are typically credit card debts or <strong><a href=\"https:\/\/www.lendingstream.co.uk\/loans\/payday-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">payday loans<\/a><\/strong>. Paying off high-interest debts early can save you a significant amount of money in interest charges.<\/p>\n\n\n\n<p>Allocate any extra money you have towards paying off the debt with the highest interest rate. By doing this, you can save on interest charges over time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_pay_the_minimum_on_all_debts\"><\/span><strong>3. Pay the minimum on all debts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Make sure to pay at least the minimum monthly payment on all your other debts, including non-priority debts, to avoid late fees and penalties.<\/p>\n\n\n\n<p>This keeps your accounts in good standing and prevents further damage to other accounts or your credit scores.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_consider_debt_consolidation\"><\/span><strong>4. Consider debt consolidation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you have multiple debts with high-interest rates, you may want to explore options for consolidating your debts into a single loan with a lower interest rate. This can make it easier to manage your payments and potentially save you money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_create_a_budget\"><\/span><strong>5. Create a budget<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Develop a budget to track your income and expenses. This will help you identify areas where you can cut back on spending and allocate more money towards debt repayment.<\/p>\n\n\n\n<p>Based on your goals, allocate portions of your income to your fixed expenses, variable expenses, and savings or debt repayment. A common rule of thumb is the <a href=\"https:\/\/www.lendingstream.co.uk\/blog\/50-30-20-rule\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>50\/30\/20 rule<\/strong><\/a>, where 50% of your income goes to needs (fixed expenses), 30% to wants (variable expenses), and 20% to savings or debt repayment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_establish_an_emergency_fund\"><\/span><strong>6. Establish an emergency fund<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>While paying off debt is important, don&#8217;t neglect the need for an <a href=\"https:\/\/www.lendingstream.co.uk\/blog\/emergency-fund\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>emergency fund<\/strong><\/a>. Having savings set aside for unexpected expenses can prevent you from falling further into debt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_should_i_pay_off_my_secured_or_unsecured_debts_first\"><\/span><strong>7. Should I pay off my secured or unsecured debts first?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The decision to pay off secured or unsecured debts first can depend on several factors. Here&#8217;s a brief explanation of both types of debt:<\/p>\n\n\n\n<p><strong>Secured debt<\/strong>: This is debt that&#8217;s backed by an asset, such as a house or car. If you fail to make payments, the lender can take the asset to recover their money. Examples include mortgages and auto loans.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.lendingstream.co.uk\/loans\/unsecured-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Unsecured debt<\/strong><\/a>: This is debt that&#8217;s not backed by an asset. If you fail to make payments, the lender can&#8217;t immediately seize an asset, but they can take other actions like sending your account to collections or taking you to court. Examples include student loan, personal loan and credit cards.<\/p>\n\n\n\n<p>Generally, it&#8217;s important to stay current on all your debts to avoid late fees, damage to your credit score, and potential legal issues. However, when deciding which debts to pay off first, consider the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interest rates<\/strong>: Unsecured debt often has higher interest rates than secured debts. Paying these off first can save you money in the long run.<\/li>\n\n\n\n<li><strong>Financial stability<\/strong>: If you&#8217;re struggling financially, focusing on secured debts can be a good idea to ensure you don&#8217;t lose your home or car.<\/li>\n\n\n\n<li><strong>Total debt amount<\/strong>: Some people prefer to pay off smaller debts first to reduce the number of outstanding debts and gain a sense of accomplishment.<\/li>\n<\/ul>\n\n\n\n<p>Remember, everyone&#8217;s financial situation is unique, so what works for one person might not work for another. It&#8217;s important to consider your own financial goals and circumstances when deciding your debt payoff plan. If you&#8217;re unsure, consider seeking advice from a financial advisor<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"repayment_methods_the_debt_snowball_vs_avalanche\"><\/span><strong>Repayment methods: The debt snowball vs. avalanche<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Now, let&#8217;s talk strategies! When it comes to tackling multiple debts, two popular methods are the debt snowball and the debt avalanche. Which one&#8217;s right for you?<\/p>\n\n\n\n<p>Well, that depends on your personality and priorities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_debt_snowball\"><\/span><strong>1. <a href=\"https:\/\/www.lendingstream.co.uk\/blog\/debt-snowball-method\/\" target=\"_blank\" rel=\"noreferrer noopener\">Debt snowball<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This method is all about building momentum and staying motivated. Start by paying off your smallest debt first, while making minimum payments on all other debts.<\/p>\n\n\n\n<p>Once that smallest debt is gone, use the extra money you were using to pay it off towards the next smallest debt. This approach can help you stay motivated, see quick wins, save money, and keep you enthusiastic about your debt payoff journey.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_debt_avalanche\"><\/span><strong>2. Debt avalanche<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you are more of a number\u2019s person, the debt avalanche might be your go-to method. Here, you focus on paying off the highest interest debt first.<\/p>\n\n\n\n<p>Mathematically, this approach saves you the most money on interest charges over time. It might take a bit longer to see a debt fully paid off, but you will feel the financial weightlifting as those high balances decrease.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"how_to_stay_motivated_when_paying_your_debts\"><\/span><strong>How to stay motivated when paying your debts?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"532\" height=\"399\" src=\"https:\/\/www.lendingstream.co.uk\/blog\/wp-content\/uploads\/2023\/10\/How-to-stay-motivated-when-paying-your-debts.jpg\" alt=\"How to stay motivated when paying your debts\" class=\"wp-image-27712\" srcset=\"https:\/\/www.lendingstream.co.uk\/blog\/wp-content\/uploads\/2023\/10\/How-to-stay-motivated-when-paying-your-debts.jpg 532w, https:\/\/www.lendingstream.co.uk\/blog\/wp-content\/uploads\/2023\/10\/How-to-stay-motivated-when-paying-your-debts-300x225.jpg 300w, https:\/\/www.lendingstream.co.uk\/blog\/wp-content\/uploads\/2023\/10\/How-to-stay-motivated-when-paying-your-debts-80x60.jpg 80w, https:\/\/www.lendingstream.co.uk\/blog\/wp-content\/uploads\/2023\/10\/How-to-stay-motivated-when-paying-your-debts-265x198.jpg 265w\" sizes=\"(max-width: 532px) 100vw, 532px\" \/><\/figure>\n\n\n\n<p>When you owe money, a walk in the park, but it&#8217;s a journey worth embarking on. Here are a few more things to keep in mind:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Stay consistent: <\/strong>Stick to your debt repayment plan and keep chipping away at those balances.<\/li>\n\n\n\n<li><strong>Celebrate small wins: <\/strong>Every time you pay off a debt, no matter how small, celebrate! Treat yourself to something within your budget.<\/li>\n\n\n\n<li><strong>Check your credit report: <\/strong>Regularly review your credit report to make sure all your accounts and payments are accurately reported.<\/li>\n\n\n\n<li><strong>Avoid new debts:<\/strong> While you are on your debt payoff journey, try to avoid taking on new debts. It will make the process smoother.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"bottom_line\"><\/span><strong>Bottom line<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In conclusion, deciding which debt to pay off first depends on your personal financial situation, the types of debt you have, and your <a href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-set-financial-goals\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>financial goals<\/strong><\/a>. If you&#8217;re aiming to save on interest over time, you might start paying off debts with the highest interest rates first, often unsecured debt like credit cards.<\/p>\n\n\n\n<p>On the other hand, if you&#8217;re looking for a psychological boost and motivation to keep going, you might choose to pay off the smallest debts first, regardless of interest rate.<\/p>\n\n\n\n<p>However, it&#8217;s crucial to maintain timely payments on all your debts, both secured and unsecured, to avoid late fees and negative impacts on your credit score.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"faqs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1696333947214\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what_is_the_smartest_debt_to_pay_off_first\"><\/span><strong>What is the smartest debt to pay off first?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The smartest debt to pay off first is typically the one with the highest interest rate. By targeting debts with the highest interest rates, you minimise the total interest you&#8217;ll pay overtime, potentially saving you a significant amount of money.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1696333974650\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"can_i_just_pay_the_minimum_monthly_payments_on_several_debts\"><\/span><strong>Can I just pay the minimum monthly payments on several debts?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Yes, you can choose to pay only the minimum payment on your debts, but it may not be the most financially advantageous strategy in the long run.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1696333988073\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"is_the_debt_snowball_method_better_than_the_debt_avalanche_method\"><\/span><strong>Is the debt snowball method better than the debt avalanche method?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Both the debt snowball and debt avalanche methods have their merits. The debt snowball offers quick psychological victories by tackling smaller debts initially. Whereas the debt avalanche targets high-interest debts first.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1696333998241\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"how_can_i_clear_my_debt_without_money\"><\/span><strong>How can I clear my debt without money?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Clearing debt without money can be challenging, but start by creating a budget, cutting unnecessary expenses, and negotiating with creditors. Seek financial assistance if available and explore opportunities to generate extra income. Consider debt consolidation if your credit allows. While it may take time, a proactive approach can help you make progress toward becoming debt-free.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<p><strong>Disclaimer: <\/strong>The information given above is provided for reference only. This is not financial advice.<\/p>\n\n\n\n<p><strong>Related guides:<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-take-control-of-your-finances\/\"><strong>How To Take Control of Your Finances<\/strong><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.lendingstream.co.uk\/blog\/should-i-pay-off-my-mortgage-early\/\"><strong>Should I Pay Off My Mortgage Early Or Save<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Managing debt may seem daunting, but a carefully crafted plan can help you regain financial control and move toward a debt-free future. When handling your debts, smart prioritization is key. Let&#8217;s guide you through the process of determining which debt to pay off first, enabling you to save money, alleviate stress, and pave your path [&hellip;]<\/p>\n","protected":false},"author":48,"featured_media":27715,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[139],"tags":[],"class_list":["post-27711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money"],"_links":{"self":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/27711"}],"collection":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/users\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=27711"}],"version-history":[{"count":1,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/27711\/revisions"}],"predecessor-version":[{"id":27714,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/27711\/revisions\/27714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/media\/27715"}],"wp:attachment":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=27711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=27711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=27711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}