Overview
The debt-snowball method of debt repayment is a form of debt management that is most often applied to repaying revolving credit — such as credit cards. Under the method, extra cash is dedicated to paying debts with the smallest amount owed. As each smaller debt is repaid in full, the money used to pay that debt is then applied toward making additional payments on the next-smallest debt, and so on until all debts are repaid.
This method has gained more recognition recently because it is the primary debt-reduction method taught by many financial and wealth experts (the popular financial talk-show host Dave Ramsey is a well-known proponent of the method).
Read more about this topic: Debt-snowball Method