The technique is simple yet very effective. It makes it possible to pay your debts off by keeping you motivated. The idea here is to use all the excess money you have (apart from your emergency fund) and focus it on paying off your smallest debt as soon as possible. Clearing your first debt will give you more spare cash each month in the kind of savings from minimum payment on the repaid debt(s) as well as the interest you will no longer be paying. This momentum builds from small payments in the start to bigger amounts of money much like a snowball rolling down a hill gains size, thus the title of this method, The debt snowball.
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