Sorry, guys - we're going to kick off with some fairly unpleasant news.

If you’ve found yourself in credit card debt - whether it’s a little or a lot - you have a TRIPLE whammy working against you:

  1. You’re paying tons of interest on the balance you’re carrying
  2. Your credit is suffering. Lenders will mark you down if it looks like you are up to your limit on all your lines of credit
  3. The most damaging consequence of debt can be the emotional toll. Financial worries are one of the biggest causes of anxiety and stress, and one of the biggest causes of relationship breakdowns. Debt can overwhelm you, leading you to avoiding opening your bills, causing more late payments and more debt in a downward spiral.

There's no easy way to say this, but its time to make some sacrifices to pay off your debt quickly. The alternative? You’re costing yourself more and more every day.

Let’s see this point in action. Suppose you have £5,000 in debt on a credit card with an APR of 16%. If you pay off the minimum balance of 2.5% (£125 to start) every month, it will take you over 27 years to pay off this debt, and you will pay over £5,000 in interest.

On the other hand, if you pay off twice the minimum payment (£250 to start), it will take you just two years to pay off the debt - and you'll only be charged £900 in interest. Assuming it is automatically deducted from your account every month, you probably won’t even notice the extra money you'll be paying.

Credit card aggression table

Follow our five simple steps to blitz your credit card debt - and start taking control of your finances:

  1. Don't bury your head in the sand! Work out how much debt you have
  2. Decide what to pay off first
  3. Negotiate down the APR
  4. Decide where the money is coming from
  5. Get started!