Question: Should you pay off the debt with the lowest balance or pay off the debt with the highest interest rate?
Answer: You should do what you feel is best for you. If you are the kind of person who likes to see fast results, then the Rollover Method might be a good option for you. If you prefer to pay less in interest over a period of time, then paying off a high interest rate debt might be your best option.
The idea behind the Rollover Method is to choose one debt that is your focus and pay only the minimum payments on everything else. In this method you make a list of all your debts in order of the lowest balance to the highest balance. Work on paying the lowest debt first, then work up the list from there. It will give you satisfaction by knowing you have paid something off.
You may feel that paying off the debt with the highest interest rate is more important to you. This method can be helpful in the long run as well. By paying off the debt with the highest interest rate you accrue less interest on that debt. If you are still not sure about what is the best option for you, you can use the Rollover Method Calculator to help you make the final decision about the rollover method.