and added that I must not need that myself.
Exactly, it's all about the psychology. It works even better when you just pay off your smallest debt first. You get that feeling of success early on that helps motivate you to continue. Some of us can get a lot of help from weird crutches like this.
The truth is, I am as irrational as the next person, and if I thought this method could help me for a small cost, I would use it. So I just ran the numbers again, this time using my actual debts. I have 5 creditors with a range of APRs - basically, two installment loans and three credit cards with balances. I used the actual total monthly payment that my budget says I can afford.
With the DOLP method (discussed below), the total amount needed to pay off all of my debts was $44,795 and it would take 32 months.
With my APR method, the total amount was $43,571 and it would take 31 months.
That's a difference of $1224, or over $38 per month for those 32 months. (Of course, I wouldn't actually pay an extra $38 every month - that's just an average to put it into perspective.) $38 a month seems like an awfully hefty premium to pay for a psychological trick.