The debt snowball method is a debt elimination strategy popularised by Dave Ramsey. Debts are paid off in order from smallest balance to largest, regardless of interest rate. The psychological momentum of eliminating smaller debts quickly motivates continued progress — hence the "snowball" metaphor.
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Research shows the snowball method leads to higher debt payoff completion rates than the avalanche method for many people — the psychological benefit of eliminating debts outweighs the small extra interest cost.
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