Break Free from Debt: A Step-by-Step Guide to Paying It Off for Good

At first, debt feels like freedom…until you find out it isn’t. It’s easy to feel stuck, but you can break free! Becoming debt free isn’t about giving up everything fun in life, it’s about taking control so your money works for you, not the other way around.

If your debt feels impossible right now, just know that last year, the Financielle community cleared over £4 million in debt…what’s stopping you from being a part of that number? 

Here’s our step by step guide to paying off your debt

1️⃣ Face up to the figures

The first step is to lay it all out.

✅ Add every debt into the debt tracker

✅ Check your interest rates (less than 40% of people actually know theirs!)

✅ Calculate the real cost – making just the minimum payment on a £1,000 credit card at 20% interest could take over 20 years to clear

2️⃣ Emergency fund

One of the biggest reasons people stay stuck in debt is because they have no choice but to rely on it when life happens.

✅ Start with a mini emergency fund of £500-£1,000 to cover unexpected expenses

✅ Reduce unnecessary spending and find ways to free up extra cash for debt payments

3️⃣ Choose your strategy

⛄️ Snowball Method – Pay off the smallest debts first for quick wins and motivation

Avalanche Method – Pay off the highest interest debts first to save the most money

4️⃣ Stop the cycle

It’s not just about paying off debt, it’s about making sure it doesn’t creep back in.

✅ Use debit or cash only – cut back on credit card reliance

✅ Stop unnecessary buy now, pay later use

✅ Stop financing things that don’t build wealth (phones, cars, furniture)

5️⃣ Track your progress

✅ Use your Financielle budget to track where your money is going

✅ Set a monthly debt repayment goal and adjust as needed

✅ Celebrate milestones – every debt cleared is a win!

6️⃣ Rely on your community 

Whether it’s talking to a partner, friend or family member, talking about your debt might make you feel a lot lighter than you think. Head to the community, you’re not alone

7️⃣ Build debt free habits

Clearing your debt is one thing, staying debt free is another!

✅ Build up your sinking funds to enjoy debt free spending

✅ Stay focused on your money goals – like saving for a house, investing, bigger emergency fund

Head to the app now to start tracking your debt