I have the following debts:
[LIST: e.g., Credit card $3,000 at 24% APR | Car loan $8,000 at 6% | Student loan $15,000 at 5%]
Explain in plain language:
1. Debt snowball (smallest balance first): order of payoff, total interest paid (estimate), and why it can feel motivating.
2. Debt avalanche (highest interest first): order of payoff, total interest paid (estimate), and why it's mathematically optimal.
3. A table comparing total interest and months to debt-free for both methods.
4. One paragraph: "Which should I choose?" that considers psychology and math.