The debt avalanche method is a smart, cost-effective strategy for paying off debt. By focusing on high-interest balances first, this approach minimizes the total interest paid and helps you become debt-free faster. While it requires discipline and patience, the long-term savings can be significant. If you're motivated by efficiency and want to make your money work harder, the debt avalanche offers a clear, strategic path to financial freedom.

The debt snowball method is a simple yet powerful way to pay off debt by focusing on small wins. Start by listing your debts from smallest to largest, regardless of interest rates. Pay minimums on all but the smallest, and put every extra dollar toward eliminating that first balance. As each debt is paid off, roll the payment into the next, building momentum. Eventually, apply the snowball to your mortgage to pay off your home early and become completely debt-free.