What is the snowball method of paying back debt?

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The snowball method is based on the idea of paying off your smallest debt first, while making minimum payments on the rest. Then, you take the money you were paying on that debt and apply it to the next smallest debt, and so on until you’re debt-free. This way, you create a snowball effect that builds momentum and motivation as you see your debts disappear one by one. What are the advantages? What are the disadvantages? In under 3 minutes, we answer your questions ! To listen to the latest episodes, click here: What is PimEyes, the powerful tool ending online anonymity? Is the fertility cliff real? How can I work better from home? A Bababam Originals podcast written and realised by Amber Minogue. In partnership with upday UK. Learn more about your ad choices. Visit megaphone.fm/adchoices