The debt-snowball method is a debt reduction strategy, whereby one who owes on more than one account pays off the accounts starting with the smallest balances first while paying the minimum on larger debts. Once the smallest debt is paid off, one proceeds to the next slightly larger small debt above that, so on and so forth, gradually proceeding to the larger ones later.
Read more about Debt-snowball Method: Overview, Methodology, Example, Benefits, Criticism, Research
Famous quotes containing the word method:
“Frankly, I adore your catchy slogan, “Adoption, not Abortion,” although no one has been able to figure out, even with expert counseling, how to use adoption as a method of birth control, or at what time of the month it is most effective.”
—Barbara Ehrenreich (b. 1941)