Finance · Money admin
How to pay off debt: snowball vs avalanche
How to pay off debt, in six short lessons: listing your debts and priorities, the snowball method, the avalanche method and how to choose, talking to lenders, consolidation and debt-relief scams, and formal options. Official debt help for Australia, the UK and the US in lessons 1 and 6.
About this course
snowball vs avalanche.
Starter · About 1 hour of learning · 6 lessons · 14 quick checks · 1 download
Who it's for
Adults in Australia, the UK, the US and elsewhere who want a clear plan to pay off credit cards, loans and other debts, and to know where to get help.
How it works
6 guided lessons in your browser, with worked examples, exercises and a quick check after each lesson. Progress is saved in this browser only, and you can restart at any time. Lesson 1 is open to everyone, and you can take one whole course without an account. After that, a free account lets you continue past lesson 1.
Sources we rely on
23 published sources, mostly regulators and official bodies, listed below so you can check the original guidance yourself.
By the end you can
- List your debts, work out your debt money and pay priority bills first
- Apply the snowball and avalanche methods and compare them on the same debts
- Plan a call to a lender to ask for hardship help or a payment plan
- Judge consolidation offers and spot debt-relief scam warning signs
- Name the formal debt options in your country and the official help to contact first
Downloads
- Debt payoff worksheet: snowball vs avalanche .xlsxEnter your debts and monthly budget; the snowball and avalanche tabs work out the month each debt is cleared and the total interest, side by side. Includes a lender call plan.
Rules by country
Learning time
About 1 hour of learning. May count towards your CPD or professional development; check your professional body's rules. Estimated from reading time, exercises, quick checks and downloads.
Sources
Check the originals.
Drafted with AI assistance and run through automated quality and source checks. How these courses are made. Spotted an error or out-of-date rule? Send a correction.
General information only, not financial advice. We don't recommend financial products.
- Get debt under control · Moneysmart (ASIC, Australia)
- Financial hardship · Moneysmart (ASIC, Australia)
- Debt consolidation and refinancing · Moneysmart (ASIC, Australia)
- Pros and cons of debt management · Moneysmart (ASIC, Australia)
- Bankruptcy and debt agreements · Moneysmart (ASIC, Australia)
- Financial counselling · Moneysmart (ASIC, Australia)
- I can’t pay my debts · Australian Financial Security Authority
- How to reduce your debt (archived blog) · Consumer Financial Protection Bureau (US)
- Your Money, Your Goals: Reducing debt worksheet · Consumer Financial Protection Bureau (US)
- How to get out of debt · Federal Trade Commission (US)
- Spot scams while getting out of debt · Federal Trade Commission (US)
- Credit counseling and debtor education information · US Trustee Program, US Department of Justice
- Options for dealing with your debts · GOV.UK
- Options for dealing with your debts: Debt Management Plans · GOV.UK
- Financial advisers register · Moneysmart (ASIC, Australia)
- TPB Register: check if your tax or BAS agent is registered · Tax Practitioners Board (Australia)
- National Debt Helpline · National Debt Helpline (Australia)
- Australian Financial Complaints Authority · AFCA (Australia)
- How to check a firm or individual is authorised · Financial Conduct Authority (UK)
- Get free debt advice · GOV.UK
- Working with an investment professional · Investor.gov (US Securities and Exchange Commission)
- Choosing a tax professional · Internal Revenue Service (US)
- What is credit counseling? · Consumer Financial Protection Bureau (US)
Publisher
Who publishes this course.
Published by trainyourself.org, a trading name of Combine TRS Pty Ltd (ABN 42 112 983 678), Brisbane, Australia.
How it's made: drafted with AI assistance from published regulator, government and official money guidance, then run through automated quality checks against our course depth standard and automated source checks that match each rule to its official source, listed above. Read how these courses are made.
Last updated:
General information only, not financial, credit, tax or legal advice. Spotted an error or an out-of-date rule? Send us a correction.
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