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I've looked at the difference with a few people. It depends on the balances and interest rates, but the difference is smaller than I would have guessed. With te
by froindt 7y ago
I've looked at the difference with a few people. It depends on the balances and interest rates, but the difference is smaller than I would have guessed. With tens of thousands of dollars of debt, I've seen the difference be just a couple hundred dollars.
Smallest to largest balance frees up cash flow faster, making it more likely the person won't go into additional debt (and hopefully won't get discouraged and quit the program all together).
For anyone wanting to explore, here's a handy calculator: https://www.magnifymoney.com/calculator/snowball-avalanche-calculator/ https://www.magnifymoney.com/calculator/snowball-avalanche-c...
- slowhand09 7y agoI tried the calculator. It doesn't seem to work correctly for me. (Chrome browser...)