The debt snowball method is a simple way to pay off your debt by focusing on one balance at a time, starting with the smallest. As you clear each debt, you build momentum to tackle the next one.

Here’s how it works:

1. List your debts from smallest to largest, ignoring the interest rates.
2. Make minimum payments on all your debts, except the smallest one.
3. Put any extra money you can toward the smallest debt until it’s gone.
4. Once it’s paid off, take the money you were putting toward that debt and add it to the payment on your next smallest debt.
5. Repeat this process until every debt is paid off and you’re completely debt-free!

As you eliminate each debt, the money you can use to pay off the next one increases—just like a snowball growing as it rolls downhill. And knocking out that first small debt will give you the motivation to keep going until you’re debt-free!