The Debt Snowball Method

The idea here is you get a quick win and you're more likely to keep things going if you have a quick win. The other option, we're not rolling the debt snowball, we are triggering the debt avalanche. So what you do this time is you list the debts in order of interest rate with the highest interest rate first. And then as you go through, you see the monthly amount that's being paid against the smallest debt each time gets bigger. Every time you pay one off, the snowball gets bigger. Eventually, all the money that you've identified in your monthly budget is going towards the last debt. That'll be a pretty big number.