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Eric PoulinI’m familiar with the debt snowball method… and even Dave Ramsey admits its not the best way to go about repaying debt – but you’re right in suggesting that the satisfaction of completing a debt repayment is such a great feeling of closure, its a psychological goal that people can really get behind, whereas paying down a huge debt can feel like using a chisel to conquer a mountain, often resulting in lack of focus.
My experience is that the debt snowball works best if you have a relatively large number of small debts. However, since in the end this method results in you paying more, if you have few large debts, paying off the highest interest is definitely the best way to go.
I agree it would be nice to have both methods, with the debt snowball being a secondary method.
Thanks for the suggestion.