The snowball method
Pay minimums everywhere, then throw every spare unit at the smallest balance. Clearing a balance quickly gives a psychological win that keeps many people going. It usually costs slightly more in interest than the avalanche but is often completed more often.
The avalanche method
Pay minimums everywhere, then attack the debt with the highest interest rate. This minimises total interest and is mathematically optimal. It works best when you are motivated by numbers and can stay the course without frequent wins.
Make it automatic
Whichever method you pick, automate the minimums and the extra payment. Then add any windfall, bonus or raise to the target debt. A payoff calculator shows the exact date you will be debt-free, which is a powerful motivator.
