The snowball and avalanche method are two common ways to pay off debt. With both, you: 1) Make a list of your debts. 2) Plan to make the minimum payment on all but one of them. 3) Pay extra money toward one debt with the goal of eliminating it first. The difference between the methods is whether you start by paying off the smallest loan (snowball) or the highest interest loan (avalanche). Both methods have advantages—choose the one that works best for you! | Thrivent