How to Pay Off Debt on Your Own (Debt Avalanche vs. Debt Snowball)

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There are two major methods to pay off debt on your own: the debt avalanche method and the debt snowball method. I'm breaking down each of these strategies and helping you decide which one is best for you.

A couple of notes that I wanted to add to this video:
If you want to pay off debt, make sure you know the total outstanding balance, minimum payment, and interest rate for each. If you have a lot of high-interest debt, you may lean towards using the debt avalanche method.

If most of your interest rates are around the same amount, you might look at the debt snowball method.

Regardless of which method you choose, stay consistent with it for three months and then reevaluate. Do you still feel motivated to pay off the debt quickly? Or do you find yourself deviating from the plan? If so, you might want to change strategies (which is totally okay to do!). The idea is to stick with the method that is going to pay off your debt the fastest and keep you motivated along the way.


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