Snowball Method (debt repayment strategy)

The Snowball Method is a debt repayment strategy where you focus on paying off your smallest debts first, regardless of interest rates. You make minimum payments on all your other debts while putting any extra money toward the smallest one. Once that debt is paid off, you move to the next smallest debt, using the money you were paying on the first debt plus any extra you can find. This method builds momentum, as each paid-off debt feels like a win, motivating you to continue until all your debts are cleared.