Once you've calculated your total balance, take some time to think about what kind of payment plan works best for you. What amount can you comfortably afford each month? Can you reduce any expenses to free up more money for repayment?
When looking for a balance transfer card, read the fine print and compare different offers. Look for low introductory rates, promotional periods, and any fees associated with transferring your balance.
The Avalanche method focuses on your highest interest rate debts first rather than the smallest balances. By tackling these high-interest debts first, more of each payment will reduce your balance rather than cover interest charges.
Prioritize High-interest Debts First (The Avalanche Method)