Should I use snowball or avalanche to pay off $35k credit card debt?

J

JokBaz900

New Member
I have about $35,000 in credit card debt. I earn good money. I went through hard times. Now I must deal with this. I can pay $2,500 to $3,000 each month. My question is, which worked better for you? The snowball method or the avalanche? My two largest debts have zero interest now.
 
So here's what I'd do: I'd tackle those high interest credit accounts first. You could get a personal loan with a lower interest rate and use it to pay them off. Another option is to open a low interest credit card that offers zero interest on balance transfers, then move all your debt over there. After that, just focus on paying off the interest free balances as you go. Honestly, I'm not sure which method is better for you.
 
Zero interest? Just pay the minimum. Get it paid off before that zero runs out.

Focus on the highest interest first. Or try a balance transfer. It can wipe out or shrink that interest.

That way, you keep your money. Not handing it over to interest.
 
We started with $42,000 in debt. By December, we still owed $34,000. We committed to paying $3,000 each month toward the debt. We also used $6,000 from our emergency fund, along with all our tax savings, refunds, and work bonuses. All of it went to the debt. Next Friday, we'll have reduced the $34,000 to $14,000. We plan to pay off the rest by August this year. You can do this too.
 
I fully support the avalanche method. If you are committed to debt repayment, there is no advantage in targeting a card with a lower APR. The snowball method is purely for psychological motivation it offers the encouragement of seeing a balance cleared.
 
I've used the snowball method. It's worked well for me. All my cards, though, have similar interest rates. Honestly, you just have to figure out what feels right for your own situation and do what's best for you.
 
I love the snowball method it lets me see real progress. The avalanche might save money, but you could wait years just to pay off a single debt.
 
I've been using the avalanche method and putting about $2k a month toward my credit cards. Snowball? It didn't click for me. See, I've got two lower interest cards with really low minimums, and two higher interest cards with much higher payments. In my mind, knocking out those higher payments saves more, long term.
 
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