Should I switch from debt snowball to avalanche for my credit cards?

[Elekt_rocker_42]

: I’ve used the snowball method for the past year and paid off a decent amount of debt. I need to plan how to tackle the remaining cards. Should I stick with the snowball or switch to the avalanche method? Highest interest?

I liked being able to roll over the payment for the cards I paid off. I have $257 extra from his method.

But I’m drowning in interest fees. (About $362 a month in interest from these 6 cards.)

I might get a tax refund to help, but I’m not sure how much yet. I need a new couch and my savings are empty after last month.

Creditor	Balance	Min Due	Interest %
Chase	$1,776.25	$60.00	27.49%
Tractor Supply	$1,806.32	$62.00	30.49%
Capital One	$2,429.93	$80.00	20.40%
Cabelas	$2,557.59	$50.00	9.99%
PayPal	$3,397.87	$112.00	31.49%
Discover	$4,508.94	$125.00	29.24%

 

[frenzybytes]

I would do the snowball start with the smallest debt first

 

[EpicGecko47]

Differently snowball with smallest first. Your table is fabulous!

 

[SonicFall200]

Personally, I'd go for that PayPal acct with the highest interest first.

 

[DrizzleBisonX]

Switch to the Avalanche method you'll save more on interest over time. Also, consider a balance transfer, but only transfer what you can pay off completely during the promo period.

 

[June]

So, I only have Discover left to pay. I called them up and managed to get a special APR 9% for six months to help pay it down faster. The catch is they'll freeze the card during that time, but honestly, if you're paying it off, you shouldn't be using it anyway. Definitely worth calling to see what they can do for you!

 

[Veloc1Zion]

I’d stick with the snowball method it’s super satisfying and keeps you motivated! Just make sure to set aside some emergency savings first before tackling more debt. Treat yourself to a couch, then dive back in. Take it one day at a time. My husband and I have paid off around $30k this way, and I don’t regret it one bit. We’ve still got a ways to go, but not giving up is key don’t let it discourage you. Celebrating the small wins and seeingg less stress while having more money in our pockets has kept us going!

 

[BurntRecluse]

Go with the avalanche method since the balances are pretty similar, you'll save on interest over time.

 

[Echolixera]

Highest interest first... that's the way to go you'll get the best bang for your buck and pay them off the fastest.

 

[EchoFlux88]

Hey there, just a heads up! You'll pay everything off way faster if you tackle Chase and Tractor Supply first then you can snowball those payments onto PayPal and Discover next. After that, move on to Capital One, and finally, Cabela's. The goal is to free up that monthly payment as quickly as possible so you can keep that snowball rolling! You've got this!

 

[FreeskiGHOST83]

Honestly, the thought of tackling that PayPal debt and breaking free from the weight of high interest feels like such a relief. Imagine the peace of mind when it’s all paid off! We’ll free up an extra $112 each month, adding to the $257 we already have. I truly believe in you stay strong, and before you know it, you’ll be debt free!

 

[Esw]

I’d keep going with the snowball and keep moving in the right direction.

 

[ANT]

Here’s a breakdown of two popular debt strategies, tailored to your personality:

Debtt Avalanche:
Who it’s for: If you're someone who likes to save the most money on interest, even if it takes longer.
The grind: It’s a long haul, but the payoff is worth it.
Feeling: It might feel like forever, but staying committed will pay off.

Debt Snowball:
Who it’s for: If you thrive on small wins and need motivation along the way.
The boost: Those little victories can be a big morale lift, especially when life feels chaotic.

Both paths work just pick the one that fits you best!