Learn about the advantages. The rest you can use to pay off all the little cards first.The debt snowball method is a debt reduction strategy where you pay off your debts in order of smallest to largest, regardless of the interest rates. Learn strategies for whittling down what you owe, and get insight into the best approach depending on your debt load. Learn how you can create a debt payment plan, update your budget and prioritize your debts to get out of debt faster with these tips. The debt snowball method is a debt repayment strategy that has you target your lowest balances first to accelerate payoff. The method requires you to contribute as much money as you can to a monthly loan payment instead of only paying the monthly minimum. Debt snowball: With this strategy for getting out of debt, you focus on paying off your smallest balance first. Devote any extra money to paying down the debt with the highest interest rate. Ideally, you want to pay off the debt with the highest interest rate first to save the most money.
