You can’t deny the biggest benefit of paying off your debt using the Debt Snowball method. Rather than taking seemingly forever to pay off your debt, you pay off your smallest debts first. These quick wins help sustain you for the long debt-payoff battle until you become totally debt free.
Detractors of this method say you’ll pay more money over time, because you’re not focusing on your highest-interest-rate debt first. These people say that the Debt Avalanche method—where you pay off your most expensive debt first—is the mathematically better way to go. But the Debt Snowball method has been proven far more successful for most people.
But did you know the Debt Snowball method also has some other hidden benefits? Here are a few more reasons why you should choose Debt Snowball over Debt Avalanche.
The Debt Snowball Method Frees Up Cash Flow
Lindsay VanSomeren is a personal finance writer living in Fort Collins, CO. She is a recent college graduate inspired to take charge of her finances after things didn’t go as planned in the Grownup World. Today her work appears on sites like Credit Karma, Magnify Money, and her own blog, Notorious D.E.B.T. In her spare time she enjoys reading, hiking, homebrewing and learning to play the guitar.