The Debt Avalanche method is the mathematically optimal way to clear debt. It saves you the maximum amount of money in interest charges.
You list your debts from highest APR to lowest APR. You pay the minimum on everything, but throw all your extra cash at the debt with the highest interest rate. Once that expensive debt is gone, you attack the next highest rate.
Debt Avalanche Calculator
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If you have high-interest credit cards or payday loans, the Avalanche method is essential. Clearing a 39% APR debt before a 5% APR bank loan will save you hundreds, if not thousands, of pounds over the repayment term.