How Does Debt Snowball work?

Debt snowballing is a strategy used to pay off debts faster. If you’ve never heard of it, here’s how it works…

You start off by paying small debts as quickly as possible. Focus your extra money on the smallest balance you owe. That way if you’re paying on 7 accounts every month, but can completely pay off 3 of them within a year, you can cut the number of bills you have to keep track of almost in half.

Each time you pay off a debt, you can take the money from what you were supposed to put towards the smaller debts, and then target it towards the larger debts. That way you get out of the “minimum” payment trap and can actually start to eliminate debt.

By clicking submit, I authorize Wallet Monkeys and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Terms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here.