How the debt snowball gets you there quicker

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Reduce Debt, Reduce Stress

Use quick wins to stay motivated  

Financial stress can be as serious as a heart attack. We’re not being hyperbolic here — the journal Mayo Clinic Proceedings recently published a study that found financial worries and food insecurity may age your heart even faster than the usual risk factors for cardiovascular disease.

 

The thing is, when you’re stressed about debt, deep breathing and yoga can only help so much. But tackling it can feel overwhelming. That’s why we like the debt snowball method — little wins propel your success.

 

Here’s the general strategy:

  1. List all your debts from smallest to largest.
  2. Pay the minimum amount on every debt, and put any extra money toward your smallest debt.
  3. Once the smallest debt is paid off, add the total amount to the next smallest debt and repeat.

By knocking out the smallest debt first, you get the quicker victory, helping you stay motivated while reducing your pile of bills. So you can stress less and give your heart a break.

How It Works
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$1.23T is the total outstanding credit card balances in the U.S.
 

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