Crush your debt. Compare the Snowball vs. Avalanche methods to find your fastest path to freedom.
Adding individual debts enables the Snowball vs. Avalanche comparison.
Math says one thing. Psychology says another. Which one is right for you?
Ignore the interest rates. List your debts from smallest balance to largest. Pay minimums on everything else, and attack the smallest one with a vengeance.
Why it works: Quick wins. Killing that $500 credit card bill feels amazing and keeps you motivated.
List your debts from highest interest rate to lowest. Attack the one with the highest rate first.
Why it works: It's mathematically optimal. You pay less interest overall and get out of debt slightly faster.
The worst strategy is no strategy. Minimum payments are designed to keep you in debt for decades.
Adding just $50/month to your payment can often shave years off your payoff time.