You have finally decided to tackle your debt and pay it down before it gets out of control. What's your best strategy to become debt-free? According to a study published in the Journal of Consumer Research, the "snowball" method was most effective in helping debtors pay down their debt.
The snowball method has more to do with psychology and momentum than it does with finance. By reinforcing that you are making progress on your debt, it gives you motivation to continue on the same track and make even greater progress.
As reported in the Harvard Business Review, ...
from MoneyTips http://www.moneytips.com/new-study-shows-best-debt-repayment-method
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