Not sure what to do

ascot6

Hi myself and my wife are currently £27k in debt spread over credit cards a loan and overdraft. We have always had some debt but not to this extent. Four years ago I started my own business as i hated the job i was in. We werent making much at the start and costs were high and In my previous job i was paid monthly and on a set date so budgeting was easy. Now I have irregular payments throughout the months. All these factors resulted in our current situation. I am now not sure the best way of paying this off. I have £4k in savings which was there incase i fell ill and to use for mortgage etc. Martin suggests using this to pay off debt and if i need money in absolute emergencies to borrow again. We have decided to do this, so now I am down to £23k. Any advice?

GeorgeUK

If you post up a statement of affairs we may be able to spot some savings to be made from your expenditure.
https://www.makesenseofcards.com/soacalc.html

It is usually advised to pay off the highest APR first, but if you have no late payments or defaults, you may want to think about clearing one of your cards that has a decent limit. Not sure i'd use all your savings, but that's up to you.

Have you tried getting a 0% card to transfer some of the higher APR debt to? Also if you clear an existing card, you may get offerred an incentive to keep your account open - 0% for x months or low interest life of balance card.