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Originally Posted by liveandchi
Can someone explain to me how the snowball method works?
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First, you gather up all your credit card and other debt bills. Then you organize them according to size, smallest to biggest. Figure out your minimum payments on each of the debts. Any money extra you throw at the smallest debt first, knocking it out as quickly as you can. Then, once it is paid off, you apply that amount to the next debt and so on and so forth until all the debts are paid off.
Make sense?
JLP