This is quite a difficult question to answer and could be different from person to person, but it is one that you should really think about if you are in debt. You should not be thinking about whether to pay your debt off or not, but concentrating on how much you can afford each month. It could just be a small amount, but every bit is better than none at all.
It is wise to be open minded about this. You will find that there are some months when you can afford to pay off more debt than other months and so you should not get one figure stuck in your head. However, you should have a minimum amount in mind and then top that up if you have money left over. It will mean that you have to have good self-discipline to make sure that you do make payments each month and that is not always that easy for everyone. However, if you really want to get rid of the debt, then this will be a big help.
It is important to make sure that you tackle the most expensive debt first. This is not the one that owe the most to but the one with the highest charges and interest rates. If you can get rid of that, then you will free up a lot of money that you can use to pay off the other debts as you will not be paying those high fees anymore.
It is a really good idea to set up a direct debit to pay some off each month. This should be more than the minimum requirement so that you are not only paying off the interest but also some of the debt as well. To calculate how much to pay you will need to look carefully at your finances. You will need to look at bank statements and see how much money comes in each month and then how much goes out on necessities. See how much is left to pay off the loan. If there is not much or none left then you will need to see whether you can cut back your spending anywhere or if you can earn more money or else you will be borrowing more and more money each month.
You may rather wait and see how much money you have left at the end of the month and use that to pay towards the debt. The problem with this approach is that we tend to spend what money is available and there could be nothing left. It is better to spend it first on the debt and then you will not be able to spend it on other things.
You can still pay whatever is left off towards the debt, but this amount may vary month to month and whether there is anything at all will depend on your level of pay and costs as well as how well disciplined you are at budgeting. It is wise to try to budget and therefore free up some money each month to pay extra off, but it is not always easy. However, setting yourself the challenge to cut down on spending for luxury items could really help. If you cut out a few things, it could make quite a big difference.
You may worry that if you put all of your spare money into paying off your debt you could get into trouble if you need some extra money. However, it is usually wise to pay off as much as possible because debt is really expensive. If you find you need a bit extra you can borrow a bit more, but you will have saved money in the meantime. You should try to budget well anyway and therefore there should be no reason why you will suddenly find you need to find some extra money.
It can be wise to try to earn some extra money while trying to pay off debts. This can help them to be paid off even more quickly and means that you may not have to cut your spending quite so much to do so, if you do not want to. There are various ways that you could try to earn more such as working extra hours, doing some freelance work, selling things or something else. There are many ways to generate a bit more income, particularly online and so it can be worth doing a bit of research and having a go, if you have the time. You may then be able to pay this money off the debt and you could soon find that it is all paid off. You could always keep going with the extra earning and you will then be able to build up some savings or treat yourself to something nice.