You have several debts piling up, and you’re starting to worry you’re losing control over them. You have a car loan, student loan debt and two mounting credit card balances that are only getting higher with each passing month. You’ve heard of two primary methods for paying off debt: the debt avalanche method and the debt snowball method. Both are effective ways to eliminate debt. But which one is right for you? Here’s everything you need to know about the two methods of debt elimination. By Jamie Friedlander for Magnify_Money with Contribution from Luis F. Rosa, CFP® EA.