Find out in 30 seconds. Compares 3 strategies: avalanche, snowball, and balance transfer. Includes interest cost, payoff timeline, and 5 tips to get out of debt fast.
On a 20% APR card making minimum payments (2% of balance), $5K takes 14+ years and costs $4K+ in interest. Doubling the payment to 4% cuts it to 4 years and $2K interest. Triple to 6% cuts it to 2.5 years and $1.3K interest. Balance transfer to 0% APR for 18 months + aggressive payoff: 18 months, $0 interest.
Pay minimums on all debts, then put every extra dollar toward the highest-APR debt. Once that's paid off, roll the payment to the next highest. Mathematically optimal: saves the most interest. Downside: slow to see wins if highest-APR debt is also the largest.
Pay minimums on all debts, then put every extra dollar toward the smallest balance. Once that's paid off, roll the payment to the next smallest. Psychologically motivating: faster wins. Costs slightly more in interest than avalanche but most people stick with snowball longer.
Use the side-by-side Debt Snowball vs. Avalanche calculator to see exactly how much interest each method saves on your specific balances and APRs. The verdict: avalanche saves more money, snowball helps you stick with it. Most people who finish use a hybrid — avalanche for math, snowball for motivation milestones.