The Avalanche Method is a debt repayment strategy that prioritizes paying off debts with the highest interest rates first. By focusing on these high-interest debts, individuals can save money on interest payments over time. Once the highest-interest debt is paid off, the individual moves on to the next highest, creating a "snowball" effect that accelerates debt repayment. This method is often contrasted with the Snowball Method, which focuses on paying off the smallest debts first for quick wins. The Avalanche Method is generally considered more cost-effective, as it reduces the total interest paid, making it a popular choice for those looking to minimize long-term financial burdens.