How to Pay Off Debt Faster: Snowball vs Avalanche Method
Two proven repayment strategies — one saves the most interest, the other keeps you motivated. Both work.
If you've got more than one debt, the order you pay them off in genuinely matters. Two strategies dominate the advice here, and both work; the right one depends on you.
The Avalanche Method (mathematically optimal). List debts by interest rate, highest to lowest. Pay minimums on everything except the highest-rate debt, and throw extra money at that one first. Minimises total interest paid.
The Snowball Method (psychologically easier). List debts by balance, smallest to largest. Clear the smallest first for a quick win, then roll that payment into the next smallest. Costs slightly more in interest but keeps motivation high.
Either way:
- Stop adding new debt while paying down the old.
- Check whether a 0% balance transfer card could help.
- If debt feels unmanageable, free confidential help is available from UK charities like StepChange, National Debtline, and Citizens Advice.
General guidance only. If you're struggling, speak to a free debt advice charity before taking on new borrowing.
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Money Made Simple gives general information about money in the UK. It is not FCA-regulated financial advice and does not take your personal circumstances into account. If you need advice specific to you, speak to a qualified adviser.