See exactly when you will be debt-free and how much interest you will pay

The snowball method targets the smallest balance first, giving you a quick psychological win when the first debt hits zero. The avalanche method targets the highest interest rate first, which minimizes total interest paid. Both strategies make the same total monthly payment — they just direct the extra above minimums to different debts. For most people with similar rates across debts, the interest difference is small ($100–$500), so choosing the strategy you will stick with matters more than the mathematical optimum.

Credit card minimum payments are typically 1–3% of the balance or a flat $25, whichever is greater. As your balance drops, the minimum drops too — which means less and less goes toward principal each month. A $5,000 balance at 18.9% APR with a declining minimum payment can take over 20 years and cost more than $7,000 in interest. Switching to a fixed payment amount (even just the current minimum held constant) dramatically reduces payoff time because the payment stays fixed while the interest portion shrinks.

Compare your debt's APR to your expected after-tax investment return. If your credit card charges 18.9% APR, paying it off is equivalent to earning an 18.9% guaranteed, tax-free return — no investment reliably beats that. For lower-rate debt (under 5–6%), the math is closer, and it may make sense to invest while making normal payments. Always maintain an emergency fund before accelerating debt payoff, and take advantage of employer 401(k) matching regardless of debt — that is an immediate 100% return.