Question

Define debt snowball

Answer 1

Answer:

Debt snowball is a method of debt repayment in which the debtor lists each of his/her debts from

smallest to largest (not including the mortgage),

then devotes extra money each month to paying off the smallest debt first while making only

minimum monthly payments on all of the other debts.

Answer 2

Answer:

The debt-snowball method is a debt-reduction strategy, whereby one who owes on more than one account pays off the accounts starting with the smallest balances first, while paying the minimum payment on larger debts.