Snowball vs Avalanche for Credit Card + Personal Loan
See the snowball and avalanche payoff plans side by side for a Rs 1.5 lakh credit card and a Rs 3 lakh personal loan, with Rs 10,000 extra a month.
This scenario's debts
- Credit card
- ₹1,50,000 @ 36%
- Personal loan
- ₹3,00,000 @ 14%
- Extra monthly payment
- ₹10,000
Snowball
Months to debt-free
24
Total interest paid
₹87,
Avalanche
Months to debt-free
24
Total interest paid
₹87,
Related questions
The credit card carries a much higher 36% rate than the personal loan's 14%, so avalanche clears the expensive card first and saves a large amount of interest compared to snowball paying off debts by balance alone.
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Avalanche minimizes total interest paid; snowball can build momentum by clearing small debts fast. Assumes constant rates and on-time payments every month.