Paying Off Debt: What to Do First (UK) - Your Week 1 Plan
Information & education only - not regulated financial advice.
This guide is a practical checklist to organise your numbers and build a plan based on the figures you enter. Your lender statements are the source of truth.
If you only read one thing
Most people don’t need “more motivation.”
They need a clear answer to: what do I do first, in what order, and how do I know it’s working?
This guide gives you a simple Week 1 plan to:
stop guessing
get your numbers straight (minimums + APR/EAR + 0% promos)
choose a payoff strategy intentionally (not by vibes)
If you want to skip the spreadsheet stage and compare strategies privately, start here: Debt Payoff Calculator
The honest reality (UK)
Debt planning fails for three reasons:
You don’t have the full list (minimums are missing, promo end dates forgotten)
You choose a strategy without checking the trade-off (time vs interest vs cash-flow)
You never set a “review rhythm” so the plan gets stale
Fix those and you’re ahead of most people.
Week 1 Plan (do this in order)
Day 1 - Collect your real numbers (no estimates)
You need, for each debt:
balance
minimum payment
interest rate
rate type (APR or EAR)
any 0% promo rate + months remaining
UK note: overdrafts usually display EAR; cards/loans usually show APR.
If you want the “why this matters” explanation: EAR vs APR UK
Week 1 worksheet: your debt snapshot
Use your latest lender statements/app. This is for planning only (not advice).
| Debt | Balance | Rate | Type | Min payment | 0% promo? | Promo months left |
|---|---|---|---|---|---|---|
| Overdraft | £1,500 | 39.9% | EAR | £0 / £50* | — | — |
| Card A | £2,200 | 29.9% | APR | £55 | 0% | 3 |
| Loan | £6,800 | 11.9% | APR | £210 | — | — |
*Overdraft “minimum” varies by bank and arrangement. Use your statement or the bank’s repayment rules.
Day 2 - Calculate your “debt budget”
There are two sane ways to do this:
Option A (detailed): income + essentials + emergency buffer
This gives you clarity and helps you avoid accidentally overcommitting.
Option B (simple): “I know my budget for debt”
If you already know the amount you can pay toward debts each month, you can start there and skip the full budget breakdown.
DebtRiot supports both — you can use the calculator without sharing your full income breakdown.
If you need help building your monthly leftover, use the free tool: Cash Stuffing Calculator
Day 3 - Check one non-negotiable: can you cover minimums?
Before strategies, do one basic check:
Your monthly debt budget must be ≥ total minimum payments.
If it isn’t:
a “strategy” won’t fix it
you need a different support path first
If you’re struggling to cover essentials or minimum payments, you can get free, confidential help from StepChange or National Debtline.
Day 4 - Decide what you want to optimise
Pick your priority explicitly:
Lowest interest cost (optimise £ saved)
Fastest “debt-free date” (optimise time)
Fastest early wins (optimise motivation)
Cash-flow relief (reduce minimum burden sooner)
Avoid a 0% promo rate jump (plan around end dates)
Different strategies win different goals.
Day 5 - Compare strategies using your real inputs
This is the moment most people skip - and it’s why they bounce between plans.
DebtRiot compares 5 strategies side-by-side using:
minimum payments
APR vs EAR (UK overdrafts)
promo rates + end dates
one-off payments (“snowflakes”)
Start here: Build My Plan
For the full methods deep dive, link here: Debt Payoff Methods UK
Day 6 - Stress test with 2 “what if” checks
Most plans die because life changes - so it’s worth doing a quick “stress test” using the features the tool supports.
Two quick checks:
Snowflake test: add a one-off extra payment (for example £200–£1,000) in a specific month and see how it changes your debt-free date and interest.
Budget sensitivity (manual): re-run the plan with a slightly lower and slightly higher monthly debt budget (for example ±£50–£150) and compare the results.
If the plan only looks good under one “perfect” budget number, it’s fragile - you’ll want a version that still works when real life varies.
Day 7 - Lock your review rhythm (so this doesn’t become another abandoned plan)
A good, private payoff plan has a rhythm:
check your balances monthly
update promo months if they changed
rerun the plan if your income/essentials shift
DebtRiot’s paid plan is designed for this: pay once, regenerate when life changes (on your device).
What strategy should you choose? (short guide)
Here’s how to choose without pretending there’s one correct answer:
Choose Avalanche if your priority is typically lowest interest cost
Choose Snowball if quick wins and reducing debt count is motivating
Choose Hybrid if you have both a high-cost overdraft and an expiring 0% deal
Choose Cash Flow Index if minimum payments are the main pressure point
Then verify it with your own numbers.
Mini “Week 1” checklist (printable)
Week 1 Debt Plan Checklist (UK)
- List every debt with balance, minimum payment, rate, and type (APR/EAR).
- Add 0% promos with months remaining (so your plan doesn’t lie later).
- Set your debt budget (full budget or “I know my debt budget”).
- Confirm budget ≥ total minimums.
- Compare 5 strategies using your real inputs.
- Stress-test: small budget drop + one-off snowflake.
- Review monthly and regenerate your plan when life changes.
Ready to build a plan with your numbers (private, no account)?
Start here: Build My Plan
Need help building a monthly surplus first?
Check: Cash Stuffing Calculator (Free)
FAQ
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You need your balances, minimum payments, and interest rates (APR or EAR). Add any 0% promo end dates. Use your latest lender statements/app for accuracy.
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You can start with “I know my budget for debt” - the amount you can pay toward debts each month - and build the full budget later.
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That’s a sign the situation may need structured support beyond a calculator. If you’re struggling to cover essentials or minimum payments, StepChange or National Debtline can offer free, confidential help.
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No. It’s an information and planning tool that shows “if X, then Y” based on your inputs. Your lender statements are the source of truth.
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Yes. Update your numbers and rerun the comparison. If you choose to buy a PDF plan, you can regenerate updated plans on your device when life changes.
