If you feel buried by an avalanche of debt, something known as the debt avalanche method may come to the rescue Via ForbesAdvisor
In this scenario, you’d focus first on the credit card with the 18.99% APR. If you have an extra $100 a month to put toward debt repayment, you will combine the minimum monthly payment of $120 with the $100 in extra money for a total monthly payment of $220. You’d make that $220 payment each month until the credit card balance goes to zero.
After you’ve paid off the personal loan debt, you’d repeat the debt avalanche process and move on to the student loan with the 4.99% APR, paying $420 on top of the student loan’s $400 minimum monthly payment. Finally, you’d work on paying off the auto loan with the 2.99% APR. As a reminder, you’d always make at least the minimum monthly payment on all of your lower-interest debts while targeting the highest-interest debt.
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