PAY OFF FROM HIGH TO LOW

If you have multiple debts, think about which order you should try to pay them off in, advises Clare Francis, director of savings and investments at Barclays. “Focus on those you’re being charged the highest interest rates on first,” says Francis. Loans and mortgages might be a lower priority if you can afford the repayments. For others, paying off the lowest amount of debt first might be a good method. “Owing money on one less credit card, store card or loan can give you a real psychological boost.”