What is the debt snowball method?

The debt snowball method is a debt repayment strategy where you pay off your debts in order from smallest to largest balance, regardless of the interest rate. You make the minimum payments on all debts except for the smallest one, which you focus on paying off as quickly as possible. Once the smallest debt is paid off, you take the money you were putting towards it and add it to the payment for the next smallest debt, and so on. The idea is that paying off the smaller debts first gives you a quick win and builds momentum to help you stay motivated as you tackle larger debts. Over time, as you pay off each debt, you free up more money to put towards the remaining debts, allowing you to make larger payments and pay them off more quickly.