Since you’ve already paid off one debt with money earned delivering pizzas for one weekend and that debt is gone, you now have that money each month to throw at that second, $5000 debt.
This process is called “working the debt snowball”. By listing your debts smallest to largest and throwing every free penny at that smallest debt first, it allows you to actually “see progress” that you can see as well as feel, much sooner than you would if you just make minimum payments on everything. As your progress becomes more visible with each paid off debt, your momentum increases and more importantly, your attitude, morale, and “drive” to get it done and make it happen also increases.
Generally, once that 2nd debt is paid off, there’s no stopping you. You no longer care about the remarks being made behind your back about what a “cheap Charlie” you are or anything. You “know” that soon, you’ll be the one on top, building wealth, and having those same people asking you “how did you do it?” That’s the time for payback. “Got money? I’ll tell you, but it’s not gonna be free.”
