While the debt snowball method is a good one that helps you to pay off debts quickly and see some good wins right at the door, another option that you can choose is the debt avalanche method. This method is a bit different and works on helping you to save as much money on interest as possible, though it can take a bit longer to feel like you are getting results.

With the debt avalanche method, you will go with the highest interest rate first. You will pay the minimum required amount on all the rest while you attack the debt that has the highest interest rate at the time. Once the debt is all paid off, you will then go down the list to the debt with the second highest interest rate. You will continue to go through and do this until all of your debts are paid off.

Many people believe that this is a good way to pay off their debt because they are worried about how much the interest rate is going to slow down the progress that they are making. And it may make a lot of sense mathematically, so if that works for you, then do it. But it doesn’t work as well mentally because it can seem like you are not making that much progress on that debt right away. If you need a method that motivates you better, rather than the one that makes the most mathematical sense, then the debt snowball may be a better option.

Sure, you may pay a bit more in interest if you go with the debt snowball option, but you will feel motivated because you can see some of those debts drop off. And this is all a mind game of trying to make it work for your needs and get the debt paid off. No debt repayment option is going to work if you don’t stick with it.

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