Debt Snowball vs. Debt Snowflaking

If you are serious about getting rid of your debt, you need to have a plan. There are numerous approaches to paying off debt, but two of the most common are the debt snowball and the debt snowflake methods.

Think about the merits of each approach, and determine whether one or the other might work well for you.

Debt Snowball

Many people know about the debt snowball method. This is the method advocated by Dave Ramsey.

The approach is fairly basic:

Order each of your debts, from smallest balance to l...