DEBT IS OVERWHELMING... BUT THAT'S WHAT I AM HERE FOR.☺️
Whether it's student loans, credit cards, or car payments, debt can feel like a never-ending cycle. If you’re like me and started your financial journey under a mountain of bills and balances, you know how hard it is to figure out where to even begin.
But here’s the good news: you have options. Two of the most popular methods to tackle debt are the Debt Snowball and the Debt Avalanche. Today, we’re going to break down both, compare them, and I’ll tell you why I personally chose the Debt Snowball to start my journey toward financial freedom—and how it helped me stay motivated and actually see results. 🤑
What Is the Debt Snowball Method? ❄️
The Debt Snowball Method focuses on paying off your smallest debt first, regardless of the interest rate. Here’s how it works:
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List all your debts from smallest to largest balance.
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Make minimum payments on all debts—not the smallest one.
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Put all extra money toward paying off the smallest debt.
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Once that’s paid off, move to the next smallest, and so on.
Why it works:
It’s about quick wins. Paying off smaller debts first gives you a psychological boost—like saying “I did that!”—which motivates you to keep going. It's all about the morale boost, which is why it worked for me. I needed something to help me mentally.
What Is the Debt Avalanche Method? 🏔️
The Debt Avalanche Method focuses on interest rates instead of balances. Here's the approach:
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List your debts by interest rate, highest to lowest.
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Make minimum payments on all debts, but throw any extra money at the debt with the highest interest rate.
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Once that’s paid off, move to the next highest interest rate, and repeat.
Why it works:
It saves you more money in the long run because you're tackling the most expensive debt first. This method is mathematically sound and efficient. I began using this method amongst all of my student loans ( really my husband's and I'd)
So...Which One Should You Choose? 🤔
Here’s the honest truth: there’s no one-size-fits-all method. It depends on your personality, motivation, and money mindset. But this should help...
Choose the Debt Snowball Method if:
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You need motivation more than logic
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You like the feeling of quick progress
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Your debt feels emotionally heavy and you need small victories to keep going
Choose the Debt Avalanche Method if:
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You’re financially stable and want to be strategic
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Your highest-interest debts are costing you a lot each month
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You don’t need emotional wins—just maximum savings
Why I Chose the Debt Snowball Method 💪🏾 ( in the beginning)
When I first started tackling my debt, I was emotionally drained and felt like I was drowning in bills. I had just paid off my credit card debt and car loan (which was around $10,000, and I paid under $400/month by splitting it into weekly payments). That helped me build momentum—and I wanted to keep going.
But looking at my student loan balance of $107,000 was paralyzing.
So instead of focusing on interest rates (which only made me more anxious), I used the Debt Snowball Method. I documented each loan by name, using animated characters to make it more light-hearted, and tracked every payment manually with my pen and paper. Seeing one loan completely paid off—even if it was a small one—gave me the fire I needed to keep attacking the next one.
Now, I’m down to $60,000 of student loans and still going strong. 🙌🏾
As time has progressed and I got married, my husband and I use the avalanche method more. We are paying down both our student loan debt; but, my husband student loans aren't currently gaining interest, so we pay my student loans down more.
Mathematically, this makes more sense for us. My student loans gain $10 interest a day, so it's better for us to pay down my student loans in an effort to not gain more interest.
Final Thoughts: Choose the One That Works For YOU ✨
At the end of the day, paying off debt is personal. Whether you choose the Snowball for emotional wins or the Avalanche for financial efficiency, the best method is the one that keeps you consistent.
👉🏾 Want to try the Debt Snowball method like I did?
Download my free Debt Payoff Tracker to help you visualize your progress and stay on track! 💸