Debt Payoff Strategies: Snowball vs. Avalanche, Explained Simply
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Debt Payoff Strategies: Snowball vs. Avalanche, Explained Simply
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- Framing: where to start when juggling multiple debts; example with three debts ($400 store card at 24%, $3,000 bank card at 19%, $8,000 car loan at 7%)
- Shared core rule of both strategies: keep paying minimums on everything, throw all extra dollars at one target debt
- Debt snowball: order by smallest balance, roll each freed payment into the next; works via psychology and early wins
- Debt avalanche: order by highest interest rate first; saves the most money over time by killing the priciest debt
- Choosing: avalanche if the savings matter and you can stick with it without an early win; snowball if you've quit before or want fast momentum
- Ground rules: never pay less than minimums, stop adding new debt, keep a small cash cushion, automate the extra payment
- Homework: list every debt with balance and interest rate, then circle the target
Disclaimer: The content of this podcast is for general educational and entertainment purposes only. It is not financial, investment, tax, or legal advice. Host Ben Carter is not a licensed financial advisor, and nothing in this podcast creates an advisor-client relationship. Please consult a qualified professional before making financial decisions.