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Managing your debt efficiently

Managing your debt can help keep your finances healthy.

Here are some signs that could mean your borrowing is getting out of control.

  • Relying on your overdraft for the whole of each month and never being in credit
  • Missing payments for bills
  • Regularly withdrawing cash on your credit card
  • Applying for new credit cards because you've reached the credit limit on other cards
  • Using cards to pay off your loans
Most of us have some debt, whether its money owed on credit cards, a loan or a mortgage - or a combination of all three. The important thing is that you control your debt and not the other way round.

Tips for managing your debt efficiently

Worried about your debt?

If you're worried about your debt, you can speak to a member of staff in your local branch, or organisations like Citizens Advice and the Consumer Credit Counselling Service (CCCS).

It's a good idea to prioritise your debts

Focus paying off your debt with the highest interest rate, for example a credit card. When that debt is cleared use the money freed up from that debt towards paying off your next most expensive debt and so on. Take advantage of the opportunity to clear your credit card balance, or at least a big chunk of it, by putting your payments towards paying off the debt rather than towards paying interest. It may also be advantageous to consolidate your debt into one more manageable loan and one payment to assist with budgeting.

Not all debt is bad

There may be times when you need to borrow money for things that will put your financial future on a firmer footing, for example a mortgage, or training costs to boost your career prospects. If you're a business owner, you may want to think about investment or development of your company.

Budget calculator

Use our Budget calculator to help you calculate how quickly you can pay off your debts and start building your wealth.


Woman paying with credit card

Take a look at our range of credit cards and select the one that suits you best.

We're here to help you. Find the answers and while you're at it, tell us how we could do better.