If self-repayment is not feasible, consider these more formal paths: Credit card debt. What to do if you cannot pay - StepChange
: Focus on paying off the smallest balance first while making minimum payments on others. This provides "quick wins" that build psychological momentum. credit card debt
: Focus on the debt with the highest interest rate (APR) first. This is the most efficient method mathematically, saving you the most money in total interest over time. 3. Debt Relief and Consolidation Options If self-repayment is not feasible, consider these more
Before choosing a strategy, you must define the severity of your debt: : Focus on the debt with the highest
: Debt is often considered "too much" if it cannot be repaid within six months without liquidating retirement accounts, or if total monthly obligations exceed 36% of your gross income.
Decide between psychological motivation or mathematical efficiency: