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List your debts and compare the avalanche and snowball methods: how long it takes to pay everything off and how much interest you pay.
Payoff order with the chosen method
This is an estimate for information only. Before renegotiating, check the terms with your lender.
How we calculate
Avalanche: you pay the minimum on every debt and put the extra on the one with the highest interest. It usually costs less interest overall.
Snowball: the extra goes to the smallest balance. You clear one debt sooner, which helps you keep going. When a debt is paid off, its payment moves to the next one.
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Which method is better?
Avalanche saves more interest; snowball gives you quick wins. Both work as long as you don’t take on new debt.
What if the minimum payment doesn’t cover the interest?
The debt grows every month. In that case, it’s worth renegotiating the rate or the term.
Can I include credit cards?
Yes, using the monthly interest rate on the revolving balance.