What are the different strategies to pay off debt?

Everyone will have their own personal approach to paying off debt, but a general rule applies: Paying off high-interest debt first will save you more money. The interest you are paying on a loan may increase after you miss a payment, so it is often wise to prioritise paying off loans that have an impending scheduled repayment. This can help you to avoid late payment penalties and other such charges.

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Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.