[Yugocean]

The snowball and avalanche methods are proven strategies used to pay off debt. For this, initially you have to make a list of all your debts in a row, from the smallest debt to the largest debt. Then the strategy is:

The snowball strategy is to start by paying off your smallest debt and work your way up to the largest.

The avalanche strategy is to start by paying off your largest debt and work your way up to the smallest.

You might plan according to your convenience.

[Shavkat]

I guess I will go with the snowball strategy. It needs time to pay the debts and it can be done in an installment basis. I am sure that either way, it can be chosen by certain individuals.

[nela13]

Right now I don't have debts and I hope I won't have them in the future. This snowball strategy seems quite good, you can start by paying your credit card bills, which are usually smaller. The faster you pay off debts, the more motivated you will feel to continue with the plan.

[Nsikan]

The avalanche strategy is the best way to clear off debts.

[augusta]

I have read about the snowball strategy and I believe it is a good one for debt payment one can try this out.

[Fergal]

I'd suggest paying off the debts with the highest interest rates first. Those are the debts that are costing you the most, getting rid of those, will make it easier for you to pay off your other debts.

I do like the snowball v's avalanche strategy though, I hadn't heard of that before.

[Nsikan]

Paying off the debts with the highest interest is a wonderful strategy because you would clear it and focus on the principal.

[astutimeliana723]

I prefer to use the snowball method, because paying off large debts takes a lot of time. So, I think it's better to settle one debt at a small nominal, so that after it's all paid off, we can just focus on the debt with a large nominal.

[Treborika]

I have some debts and I think the snowball strategy would be of great use for me.

[Yugocean]

If that idea is helpful to someone, that serves the purpose of creating this thread.