The "debt stacking" method recommends that you make a list of all your debts, ranked by interest rate, from highest to lowest. For example, you might owe:
Mastercard - $2,500 - 19 percent - Highest Interest Rate
Visa - $7,500 - 13 percent - Second-Highest Interest Rate
Car Loan - $4,000 - 8 percent - Third-Highest Interest Rate
Student Loan - $1,900 - 5 percent - Lowest Interest Rate
The "debt stacking" method advises that you make the minimum payment on all your loans. Then, you should throw all your extra money towards paying off your MasterCard, which has the highest interest rate, at 19 percent.