 TITLE: Should I Get a Second Job to Pay Off Debt? CONTENT: How to Prioritize Debt\n----------------------\nIf you have multiple debt accounts weighing you down, it's wise to carefully prioritize which to pay off first. There are differing philosophies on debt repayment, and it's important to find the one that works best for you. That might mean focusing on the debt with the highest interest rate (usually credit card debt) since it costs you the most money over time. But that's not the ideal strategy for everyone.\nSome prefer the debt snowball method, where you prioritize your debts with the lowest balances first. You make the minimum payment on all debt accounts except the one with the lowest balance, which you'll pay as much as you can on.\nOnce that debt is knocked out, you'll shift your focus to the account with the next-lowest balance, and so on. By starting with the smallest debts first, you pay off accounts faster, which can give you a motivating sense of momentum. As you pay off accounts, you'll free up more money to put toward the next outstanding balance.\nAnother method is the debt avalanche, which instead prioritizes the balance with the highest interest rate. Like the snowball method, you pay only minimum payments on all other debts, but you'll put as much as you can toward the account with the highest interest rate, regardless of balance. Once that account is paid off, you'll focus on the one with the next highest interest rate, and so on.\nThis tactic can save you more money on interest in the long run, but it can take longer to pay off the accounts. Since your progress is not as immediately obvious compared with the snowball method, the avalanche method can make it harder for some to stay motivated. END