The snowball method is a common debt-reduction strategy. It allows you to pay debts off faster without increasing your monthly contribution toward debt.
To use the snowball method, you should “roll over” your monthly minimum payments as each debt is fully repaid. In other words, when you're done paying off a debt, you'll take the monthly contribution to that debt and put it toward another. The total amount you pay each month stays the same, but the monthly contribution to each debt goes up progressively as they are paid off. This can help you get out of debt without the need for painful budget cuts.
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