Debt Snowball - 3 Steps To Pay Off Your Debts

The Debt Snowball method is a debt repayment strategy where one pays off debts from the smallest to the largest balance, aiming to create a motivational effect as each smaller debt is cleared. It requires listing debts, making minimum payments while targeting the smallest debt with larger payments, and repeating the process until all debts are cleared. This method is suitable for those with many small debts and similar interest rates, and it contrasts with the Debt Avalanche method, which targets high-interest debts first. It's not viable for individuals who can't make minimum payments or lack a predictable income.