Starting with the smallest balance on your debt will help you make progress because you will see those little wins immediately. That progress will keep you motivated and be the fuel you need to stay disciplined and pay off all your credit cards one at a time. Similar to a ladder. The goal is to reach the top, but you don’t get right to the top without starting from the ground. You take small, attainable steps that get you closer to the top of the ladder.
When you begin with the smallest credit card balance, you’ll knock it out pretty quickly and stay motivated to pay off the next credit card. Rinse and repeat until each card is paid off.
Motivation will take you all the way to the finish line of paying off your credit card debt because it is a long and daunting process. Starting with the largest debt, you could lose steam and quit before you even get close to finishing.
You may not think paying off a $50 credit balance is a big deal, especially when you’re staring at a $10,000 Visa bill right next to it. But when you put that minimum payment toward your next debt and see your snowball grow, there will be nothing that stands in your way.
