Debt Snowball vs Avalanche: Which Method Wins for Crushing Debt?

When you are deep in debt or even carrying more debt than you'd like, it can feel like you're pushing a boulder uphill. You make a few payments, but the mountain to pay things off never seems easier.

If you're feeling stuck, you're not alone. The good news? You can choose a strategy that best suits your personality: the debt snowball or the debt avalanche.

Both are proven ways to pay off debt faster. They just take slightly different roads to get there. Let's break them down.

Debt Snowball: Quick Wins First

The debt snowball method focuses on creating momentum. Here's how it works:

• List your debts from the smallest balance to the largest.

• Pay the minimum due on everything except the smallest amount.

• Throw every extra dollar at the debt with the smallest balance.

• Once it's gone, roll that payment onto the next smallest debt.

Think of it like knocking over dominoes. You get early wins, which boost your confidence and keep you motivated. This method can feel satisfying if you like celebrating milestones - and who doesn't?

Debt Avalanche: Save More on Interest

The debt avalanche method is more clinical but saves you more money overall.

• List your debts by interest rate, highest to lowest.

• Pay minimums on everything except the highest-interest debt.

• Put every extra penny toward that one.

This way, you knock out the most expensive debts first. It's mathematically smarter, but progress can feel slow initially if you carry high balances with high interest rates.

Which One Should You Pick?

It depends on your preferences.

• A debt snowball is ideal if faster "wins" help you stay motivated.

• If you're laser-focused on saving every dollar possible, debt avalanche might be your style.

Neither one is "better" for everyone. The best method is the one you can stick with long enough to win.

Want to See Both in Action?

Trying to juggle the math for multiple debts can get complicated quickly.

That's why Greater Foundations built the Debt Snowball, Avalanche, and Chunking Spreadsheet Bundle.

It empowers you to:

• Plug in your real numbers.

• Instantly see how each method would work for you.

• Choose your plan or combine methods if you prefer.

No more guessing. Just clear the next steps toward getting your life back.

If you've been putting off tackling your debt because it's overwhelming, this might be the little push you need.

The Bottom Line

Debt freedom isn't a dream reserved for "other people." It's just a series of steps - and picking the right first step matters.

Whether you roll with the snowball or ride the avalanche, the most important thing is starting. Today.

(And hey, if a simple spreadsheet can make it easier? Even better!)

Get Yours For Instant Digital Download here!