Debt Avalanche

Debt avalanche is a debt-reduction strategy that focuses on paying off your highest-interest debts fastest. While you continue to make minimum payments on all your debts, you direct any extra money available to the debt with the highest interest rate. As this gets paid down, more of your payments would be able to go toward principal instead of interest. This accelerates your repayment rate and makes this the most cost-effective approach to debt repayment.