Comments on: What is the Best Method for Paying Off Debt?

By: Say sayonara to credit card debt: 5 tips from personal finance experts

Say sayonara to credit card debt: 5 tips from personal finance experts — Tue, 14 Mar 2017 12:53:04 +0000

[…] from The Money Peach explains how these work, but prefers the debt snowball method. Why? He used this method to pay off over $52K in 7 […]

By: Kayla Sloan

Kayla Sloan — Wed, 02 Mar 2016 17:04:03 +0000

In reply to James Bergman. Hey James, I personally find the snowball method easier too. With the debt avalanche it will most likely take longer to get your first debt paid off in full because it's unlikely that the highest interest rate will be your lowest balance too. However, since the avalanche ranks debt payoff in order by interest rate it will actually save you money in the long run, as long as you stick to the plan. But as you said, the best plan is whichever one works for you so you can get your debts paid off. :)

By: James Bergman

James Bergman — Wed, 02 Mar 2016 16:41:38 +0000

I think the best way to get rid of debt is the snowball method. I feel like it would be the easiest way to get rid of all of my debt without changing my budget. I just feel like if I tried the avalanche method I would be paying more overall because it would take longer to get rid of my smaller debts. However, whatever it takes to keep the debt collectors away is worth doing.

By: Kayla Sloan

Kayla Sloan — Thu, 18 Feb 2016 20:28:43 +0000

In reply to Renee. Awesome! I'm so glad you were able to use these methods to pay off your debt. Congrats!

By: Renee

Renee — Thu, 18 Feb 2016 01:22:10 +0000

I paid off my debt with a combination of the Debt Avalanche and the Snowflake. I’d never heard the names of those techniques before, but they worked just fine for me. Thanks for the great article, Kayla.