There are two methods for paying off your debt. While one has an obvious monetary benefit, which one you choose really depends on your preference.
Start with the debt that has the highest interest rate and focus your efforts on paying off that one debt—by doing so, you reduce the amount of interest you pay in the long run. While you focus on that high-interest debt, you pay the minimum balance on all your other debts.
Once the high-interest debt is paid off, take all the money you were spending each month on that account and start paying that amount—plus the minimum you were already paying each month—on the next highest interest rate on your list. You continue this “avalanche” until you’ve worked your way down through all your debts.
In this strategy, you focus on the lowest balance first; once that lowest balance is paid, you roll that payment into the next lowest debt. The quick win of paying off a debt account motivates you to keep going, and you work your way up the list of debts by total amount instead of interest rate. You’ll pay a little more in the long run because you’re not chipping away at your interest with as much gusto, but you’ll feel like you’re progressing faster.