I’m a single mum and I’m begging strangers to pay off my £13k debt – I just want a better life for my son

Check your bank balance on a regular basis – knowing your spending patterns is the first step to managing your money

Work out your budget – by writing down your income and taking away your essential bills such as food and transport
If you have money left over, plan in advance what else you’ll spend or save. If you don’t, look at ways to cut your costs

Pay off more than the minimum – If you’ve got credit card debts aim to pay off more than the minimum amount on your credit card each month to bring down your bill quicker

Pay your most expensive credit card sooner – If you have more than one credit card and can’t pay them off in full each month, prioritise the most expensive card (the one with the highest interest rate)

Prioritise your debts – If you’ve got several debts and you can’t afford to pay them all it’s important to prioritise them

Your rent, mortgage, council tax and energy bills should be paid first because the consequences can be more serious if you don’t pay

Get advice – If you’re struggling to pay your debts month after month it’s important you get advice as soon as possible, before they build up even further

Groups like Citizens Advice and National Debtline can help you prioritise and negotiate with your creditors to offer you more affordable repayment plans

By James Flanders, Consumer Reporter

UK Finance reports that we spend a whopping £2 billion a month using our credit cards.

While that little strip of plastic makes everyday spending easy peasy, it comes at a huge cost.

According to The Money Charity, the average credit card debt sits at £2,485 per household or £1,312 per adult.

And if you’re stuck on a credit card with a high APR and only making the minimum repayments, you could be forking out hundreds of pounds extra in interest charges.

For example, if you owe £1,312 on your credit card and are charged 24.8% APR.

If you don’t make any more transactions and pay £100 a month in repayments, you will pay off the card by September 2025 but at £207 in interest.

However, by hunting around for a better deal elsewhere and switching to a balance transfer credit card with a lengthy interest-free period, you can save yourself £162.

If the same person was accepted for a 28-month-long zero-interest credit card with a 3.4% balance transfer fee and made the same £100 repayments each month.

They would pay off the debt sooner, in July 2025, and only fork out £45 towards the 3.4% balance transfer fee.

Before taking out a new credit card or increasing the amount you borrow, it’s vital to consider the consequences.

You should only borrow money if you can afford to pay it back.

It’s always vital to ask yourself if you need to borrow before committing to a new credit card, personal loan or overdraft.

If you use a credit card, I’d recommend that you always pay off your balance in full at the end of each statement period.

Lenders have a responsibility to help customers who are in debt.

If you’re in a debt crisis, your first point of call should be your lender.

They might help you out by offering you a reduced interest rate or a temporary payment holiday – so check in with your lender if you’re struggling.

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