Debt discussion

[DingDongDebt]

Hi, I have debts of around £10k made up of personal loan and credit cards.

Now in terms of repayments I can afford these. However am approaching my 60th birthday and really want to begin paying them down.

My job is secure but if I was off sick I don’t get occupational sick pay which would mean big issues as I’d have to prioritise my basic living costs.

I am not anticipating any health problems but we all know things can change.

so what’s the best way to approach paying things down? I’m fortunate that there can be extra work if needed to help with this.

Any good apps/websites you’d recommend?

Thank you to any knowledgeable folk.

If it matters

no assets as I support a disabled adult child at home. He gets benefits. I work around his needs and his Dad can support if I did an extra day.

I would suggest making a list of the debt, the interest rate you are being charged and any conditions on early repayment of loans.

I would also create a budget identifying where your money is going now. The only way to eliminate debt is to ensure you spend less than you make. So identify any areas where you can cut back and save money.

Once you know how much money you have available to pay down debt each month you can then prioritise the most expensive debt to tackle. However, don’t forget to maintain contractual minimum monthly payments on all your existing credit card debts and loans.