Ready to tackle debt strategically? The debt snowball method is a proven approach that builds unstoppable momentum by celebrating early wins.
It focuses on psychology over pure math - and that's often what makes it work.
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What's your biggest challenge when paying off debts?
Here's how debt snowball works: list all debts from smallest to largest balance, ignoring interest rates completely. Pay minimums on everything, then attack the smallest debt with every extra dollar.
Once the smallest is gone, roll that payment into the next smallest debt.
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Why might starting with the smallest debt be motivating?
The "snowball effect" happens when you eliminate each debt. Your available money for the next debt grows larger, just like a snowball rolling downhill.
This creates momentum and frees up more money for bigger debts later.
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In one sentence, can you explain how wiping out a small debt powers the next payoff?
Here's the magic: each paid-off debt gives you a psychological victory. These wins release motivation-boosting chemicals in your brain, making you want to continue.
Early successes build confidence that you can become completely debt-free.
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How would paying off your first debt make you feel?
Example: Sarah has debts of $500 (credit card), $2,000 (personal loan), and $8,000 (car loan). She focuses all extra payments on the $500 card first.
After paying it off, she adds that payment to the $2,000 loan.
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What advantage does this order provide compared to tackling the largest first?
The debt snowball isn't always the cheapest method mathematically. You might pay slightly more in total interest compared to targeting highest-rate debts first.
