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How to Pay off Debt with the Debt Snowball Method
- List all your debts from smallest balance to largest.
- Commit to pay the minimum payment on every debt.
- Review your budget to find anything extra you can use to go towards debt.
- Pay the minimum payment plus extra amount towards that smallest debt until you pay it off.
- Once you pay a debt in full, add the old payment from the first debt to the minimum payment on the second smallest debt- that will be your new payment amount for the second smallest debt.
- Repeat the process until you pay all your debts in full.