 TITLE: Debt Snowball Strategy: How Does It Work? CONTENT: What Is the Debt Snowball Method?\n---------------------------------\nThe debt snowball approach to paying off debt is primarily used for paying down high interest credit card debt, but it can be used to pay down any non-mortgage debt.\nWith this approach, you'll drop whatever monthly payments you're making down to the minimum amount due on all of your debts and move that extra freed-up cash to the credit card or loan with the lowest balance. Once that debt is paid off, you'll take the amount that you were paying toward it and apply it to the debt with the next lowest balance, and so on.\nYou'll continue this payment snowball process until you've eliminated the final credit card or loan balance included in your debt repayment plan.\nIf you have the budget, you may choose to add an extra payment on top of the debt snowball to really get the process rolling quickly. END