If you’ve been looking for ways to pay down your debt, you may have heard of the term “debt avalanche” before. It’s a method that involves paying off your balances with the highest interest rates first. This plan prioritizes efficiency and is supposed to be the cheapest and fastest way to get out of debt.

Each time a debt is paid off, you have less minimum payments to meet. This strategy works really well at building up confidence and helping you to pay off all debts faster.