Repayment strategies are methods used to pay off debts effectively. Common strategies include the debt snowball method, where you focus on paying off the smallest debts first to build momentum, and the debt avalanche method, which prioritizes debts with the highest interest rates to save money over time. Choosing the right strategy depends on individual financial situations and preferences. Some people may prefer the quick wins of the debt snowball, while others might opt for the long-term savings of the debt avalanche. Understanding these strategies can help individuals manage their debts more efficiently.