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Crushing Debt: Snowball vs. Avalanche

Ready to crush that debt for good? Choose your method:

Snowball method: 

  1. List your debts in order from lowest to highest balance, ignoring interest rates. 

  2. Maximize payments on the smallest debt (but keep making the minimum payments on your other debts). 

  3. Once you’ve paid it off, pay on the next smallest until you’ve worked through your list. 

  4. So long, debt!

 Avalanche method:

  1. List your debts in order from the highest interest rate to the lowest, ignoring the balance.  

  2. Maximize payments to the debt with the highest interest rate (while making minimum payments on the others). 

  3. When you’ve paid it off, move on to the next-highest interest debt until you’ve worked through your list. 

  4. So long, debt! 

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