Debt Snowball: Pay off debts with the smallest balances first. Once a debt is paid off, you take the money you were paying on that debt and add it to the payment of the next smallest debt. This method provides psychological wins.
Debt Avalanche: Pay off debts with the highest interest rates first. Once a debt is paid off, you take the money you were paying on that debt and add it to the payment of the next highest interest rate debt. This method saves you the most money on interest.