Final answer:
The debt avalanche method is recommended for Jamie Lee to pay off credit cards quickly by targeting the highest interest rate debts first to reduce the total interest paid. However, it may take time to see progress since large debts with high interest take longer to pay off.
Step-by-step explanation:
To get Jamie Lee's credit cards paid off as quickly as possible, one strategy would be the debt avalanche method. This involves prioritizing debts with the highest interest rates first while making minimum payments on other debts. Once the highest interest debt is paid off, the funds that were being used for that debt are then applied to the next highest interest debt, and so on. The main advantage of this method is that it reduces the amount of interest paid over time, saving money in the long run.
On the downside, the disadvantage of the debt avalanche method is that it may take longer to see tangible progress, as high-interest debts may also be the largest. This could potentially be discouraging if visible milestones are important for motivation. Jamie Lee might also consider consolidating her debts under a single loan with a lower interest rate, which could simplify payments and potentially lower monthly costs.
Overall, this strategy could influence economic success by freeing up financial resources once debts are cleared, which can then be directed towards savings, investments, or other financial goals.