While the snowball method is one of the best options that you can choose when it comes to paying off your debts, it is not the only method that you are able to use. If you are worried about using the debt snowball method for some reason or you need to go with one that will save you the most amount of money, then choosing the debt avalanche method, rather than the debt snowball, can be a smart decision for you.

When you work with the debt avalanche debt repayment method, you are going to take all of the debts that you owe on and then order them based on their interest rate, with the highest interest rate coming first. You will pay the minimum amount on all of the debts, just like with the debt snowball, but then you will attack the debt that has the highest interest rate. Once that is paid off, you will move over to the one with the next highest rate and continue that process until you are done.

There are many experts who like this method because they are worried about how interest is killing all of that good progress they will make. If you do the math, this can save you some money on paying the debt back, especially if you have a lot of debt to pay off. But mentally, it can take longer and may be hard to stay motivated as you work to pay back some of the debt. It does work, but the payoff method can be grueling compared to other methods.

When you look at the debt that has the highest interest rate, you will notice that they tend to have the biggest balance on it. This means that it can take a lot longer to get that first win that will motivate you along the way. It is often better to go with the snowball method so that you will be able to free up more money and then put it into the biggest debt later.

Living in the downtown area will put you right in the middle of all the action as much as possible. If this is the area that you would like to call home, come and check out our Albuquerque apartments downtown to see if they are right for you. With many great amenities to enjoy and plenty of space, no matter what you are looking for, you will want to make it your home in no time. Come and take a tour of some of our apartments and sign an application today!