There are two methods of paying down your debt – debt avalanche and debt snowball. With debt avalanche, you pay off the debts with the higher interest rates. You pay off your debt faster and pay less interest to banks and lenders. With the debt snowball method, you don’t look at the interest rates. You pay the smaller debts first and then move on to the bigger debts. The debt snowball method uses behavior modification so that you get used to paying down your debts and can eventually pay down all of your debts.