If you want to save as much on interest as possible, consider prioritizing paying off high-interest debt first — a strategy known as the debt avalanche method..
With the debt avalanche method, you pay the minimum balance on all your credit cards and put any remaining money toward the debt with the highest interest rate. Once that card is paid off, you focus on the debt with the next-highest interest rate, continuing until you pay off all your debt. One downside of this method is it may feel like it takes longer to knock out your debts, especially if your highest-interest debt also has the largest credit card balance. If you believe you’d benefit more from paying your balances off quicker, then the next method may be the better choice for you. With the debt snowball method, you still make the minimum payments on all your credit cards, but you focus on paying off the credit card with the lowest balance first .
While the debt snowball method can help you see small wins, you may end up paying more in interest over time. This is especially true if you have the highest interest rates on credit cards with larger balances. However, if this strategy helps to keep you motivated, it may be worth it. Sometimes getting a personal loan isn’t possible, whether it’s because your credit score isn’t high enough, or because you can’t qualify for a high enough loan limit for your credit card balances.