The debt snowball method is a popular strategy for paying off debt. It involves listing your debts from smallest to largest balance and focusing on paying off the smallest debt first while making minimum payments on the others. Once the smallest debt is paid off, you roll the amount you were paying on that debt into the next smallest debt, creating a snowball effect. This method can help you gain momentum and motivation as you see your debts being paid off one by one.
The last line says it all. It helps with momentum and motivation.
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