How to Get out of Debt With the Debt Snowball Method?

The debt snowball is a method of reducing and eliminating debt. It is intended for individuals with several different debts, such as loan payments, credit card bills, and others. It can help you slowly but steadily raise both your credit score and your debt service coverage ratio.

With the snowball method, you pay off the smallest debts first. Once the smallest one is paid off, you use the money that used to go into it to pay the next smallest. You keep rolling the money from one debt to the next until each one has been paid in full, from the smallest to the largest.