Latest Posts
Home > Ask The Get Out of Debt Experts > Debt Snowball Spreadsheet to Dig Out Fast. – Robert

Debt Snowball Spreadsheet to Dig Out Fast. – Robert

“Dear Steve,

Which is better to pay off a credit card with the higher rate first …or a second credit card…lower balance but lower interest..what is the best way to get them off of me.

I have heard pay off the one with the biggest interest first and I have also heard you pay off the credit card with the smaller balance first..Please advise…trying hard to get out of debt. Thanks so much,

Robert”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

Dear Robert,

The answer is ‘Yes.’

Both are equally valid ways. One makes great mathematical sense and one makes better motivational sense.

If you think you are not the type of person that can make a long term plan and execute it without encouragement along the way, then prioritize your debt according to smallest balance. There is no better feeling to know you have one less creditor to pay next month and can now pile on that former minimum payment to your next creditor.

The approach is often called the debt snowball approach.

Some guys I know run a free service to help people develop a plan to get out of debt and then they help to automate it. Take a look at the free service at ReadyForZero.com and let me know if that approach would be beneficial for you.

I actually have a number of calculators you can use online for free, right here. I think the Debt Snowball Calculator will be a big help in your plans.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Debt Snowball Spreadsheet to Dig Out Fast.   Robert
Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Debt Snowball Spreadsheet to Dig Out Fast. - Robert by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.