Hit by coronavirus. Lots of debt! Determined to get out of it. Anyone else? Also mortgage advice.

DayDreamerandGeneralWaster

Louise1234 said:

DayDreamerandGeneralWaster said:

Well it's not 'only' a good idea if you have savings to live off. My savings are pretty limited but we overpay our mortgage by £400 a month. 

However you might want to get your debt to a more comfortable place before you think about that. One step at a time.

Yes, will definitely clear that first. 
Do you pay off as much as possible or just a little bit? Undecided if just pay loads off and clear quickly or just pay off a little more but still take say 5 years off 

I use spreadsheets to budget every month and then use virtual pots to put money in for various things. 

Work out either what is the highest interest, or the small debt and throw what you can at it. We still have a life, some people prefer to put a stop to eating out etc until the debt is clear. Have a think about what you are comfortable with.

badmemory

Whilst I am a big believer in the freedom of being mortgage free, I don't believe that should be your focus.  I would have thought aiming to be debt free alongside a small emergancy fund, followed by a larger emergency fund, THEN an aim to be mortgage free would be a better plan for you.  Why get rid of a debt at a small interest rate whilst keeping a debt at a much higher interest rate?