Take control of your Debt with The Snowball Debt Strategy!
The term "snowball debt" typically refers to a debt repayment strategy aimed at eliminating multiple debts, especially credit card debts, in a systematic and motivating way. The key principle behind the snowball debt method is to start by paying off the smallest debts first while making minimum payments on larger debts. As each small debt is paid off, you roll the amount you were paying on that debt into the next smallest debt. This creates a snowball effect, where your debt payments grow larger over time, making it easier to pay off larger debts as you progress.
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