Which debt should you pay off first?
Avalanche against snowball, what paying only the minimum costs over a full balance, whether to clear debt before saving anything, and how to keep going when the finish line is years out.
Should I pay off my smallest debt first or my highest interest rate?
Paying the highest interest rate first costs you the least money, and paying the smallest balance first is the one more people actually finish — so the right answer is the method you will still be following in a year.
What happens if I only ever pay the minimum?
A minimum payment is calculated to keep the account current, not to clear it, so paying only the minimum on a large balance can take decades and cost more in interest than the original purchase.
Should I save anything while I still have debt?
Keep a small emergency buffer even while paying down debt, because without one the next unexpected bill goes straight back onto the card you have been working to clear.