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A payoff strategy that targets the smallest balance first for quick wins.
With the debt snowball, you make minimum payments on everything and put extra money toward the smallest balance first, regardless of interest rate, then roll that payment into the next-smallest. It costs slightly more interest than the avalanche but the early wins build momentum and motivation, which helps many people stick with it.
Clearing a $500 balance before a $5,000 one delivers an early win that keeps you going.
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