Both strategies work; the best one is the one you’ll stay with long enough to finish.
Snowball method List debts by balance, smallest to largest. Pay minimums on all, and throw every extra naira at the smallest until it’s gone, then move to the next. The fast wins boost motivation.
Avalanche method List debts by interest rate, highest to lowest. Pay minimums on all, then attack the highest rate first. This saves the most money over time.
Which should you choose? If you struggle with motivation, go Snowball. If you’re numbers-driven, pick Avalanche. You can also hybridize: start with one quick snowball win, then switch to avalanche for maximum savings.
Extra accelerators • Automate overpayments the day after payday. • Negotiate lower rates. • Avoid new debt—freeze cards if needed.