I've read the snowball vs. avalanche method of paying off debt, and I figured I'd tell you about my own personal method—or at least, the one that I've used a couple of times over the last few years that has helped me tons. This method requires that you've been saving for retirement via a 401(k).

When people make an effort of paying off their debt, they usually try one of either two methods: the "snowball" method, or the "avalanche" method. Let's get into both, and then talk about which one might work better for you.