Debt Reduction Worksheet

Debt Reduction Strategies

Debt Snowball Method

List your debts from smallest to largest balance, regardless of interest rate. Pay minimum payments on all debts, but put any extra money toward the smallest debt. Once the smallest debt is paid off, add that payment to the next smallest debt.

Debt Avalanche Method

List your debts from highest to lowest interest rate. Pay minimum payments on all debts, but put any extra money toward the debt with the highest interest rate. Once that debt is paid off, add that payment to the debt with the next highest interest rate.