The debt snowball method is a popular approach to paying off debt, which involves focusing on paying off the smallest debt first while making minimum payments on other debts. Once the smallest debt is paid off, the amount that was being paid towards it is then added to the payment of the next smallest debt. This creates a “snowball” effect, as the payments grow larger and larger as each debt is paid off. This method can be a great way to stay motivated and see progress in paying off debt, as it provides quick wins and a sense of accomplishment.
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