Do you want to pay down your debt fast without going broke? Here are two strategies to try:
Here’s how the debt avalanche strategy work: You pick the debt with the highest interest rate and pay that one off first. From there, you work your way down to the next highest interest rate debt, then the next. Eventually, you will have paid off all debt completely.
Here’s how the debt snowball works: You select the smallest debt first and pay it off. Next, you move up to the next smallest debt, then the next one. The entire time, you’re taking the extra money to pay the debts off faster. Eventually, all debts will be paid off.