Getting out of debt is part math, part psychology. Two well-known methods work — the best one is the one you'll stick with. Educational only.
First, stop the bleeding
List every debt (balance, minimum, interest rate), keep making all minimums, and avoid adding new debt. A small starter emergency fund stops the next surprise from putting you deeper in.
The debt snowball
Pay minimums on everything, then throw every extra dollar at your smallest balance first. When it's gone, roll that payment into the next smallest. It's not the cheapest, but the quick wins build powerful momentum — and momentum is why people finish.
The debt avalanche
Pay minimums, then attack the highest interest rate first. This saves the most money mathematically. It's optimal on paper but the first win can be slow, which trips some people up.
Which to choose
Avalanche if you're motivated by saving the most; snowball if you need visible wins to stay on track. Both work — the psychology of sticking with it usually matters more than the small interest difference.
Free up money to attack it
A budget that frees up cash accelerates either method. Every extra dollar toward the target debt shortens the timeline.
FAQ
Is the debt snowball or avalanche better?
Avalanche saves the most money (highest interest first); snowball builds momentum with quick wins (smallest balance first). The best one is whichever you’ll actually stick with.
Should I save or pay off debt first?
Build a small starter emergency fund first so a surprise doesn’t add new debt, then focus on aggressive payoff. High-interest debt is usually the priority after that buffer.