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I'm disciplined enough to just pay the ones which attract the highest interest first, even if they take longer to pay off. I think the Debt Snowball approach is for those who are likely to give up if they aren't making visible progress.
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I usually have debts in my business and what I do is pay the minimum due or just the interest of the smaller debts and pay whatever I can to lessen the bigger debt which has the biggest interest. Doing this would give me a sense of motivation in paying off the largest debt first and when it's fully paid my mindset would be to pay the lesser debts next which would look easier to do because I've paid the biggest debt already. So it's like a reverse snowball effect.
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Paying in debt using the snowball effect isn't advisable for me, it's a lot more better to just pay the ones which attract the highest interest first because it's more appropriate to cut off the higher interest rate before it gets too much. Although here we pay off debts mostly in installment mode depending on your arrangement with the lending institution.
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I don't know about paying off debt using any of these method but the option of paying off the one with higher interest rate seems to be a lot more important because allowing that one to linger would only mean more debt increase for you and it's really an annoying situation where you get to pay so much money on interest that would amount to more than double of what you borrowed in the first place. This is actually the reason why most people aren't comfortable with borrowing money as a result of higher interest rates.
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Paying debts in installments is always the best option for me because it allows me time to pay the debt at my spacing and convenient time without needing to rush and force my hands. Always taking care of high interest rate debt should be the priority of any debtor because the longer the money stays unpaid, the more debt you are pilling up for yourself.
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I inherited my family business debt that comes from supplies we received from companies we buy our business stocks from. In order to keep the business alive, I need to be paying off the debt of good goods supplied on monthly basis. This helps to keep our mutual interest aligned as the company keeps supplying me with their products and I keep up with paying as much as I would.
I made it a point of duty to always pay 70% of any debt owed before sending any new demand order for more goods. The company has never for once questioned my upkeep with paying my debts because I never miss any monthly payments.
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I prefer the snowball method personally, since I get discouraged easily. The snowball sort of makes a game of paying the money back, and it feels like you're making progress faster, which encourages me to make bigger payments.
