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How to Use a Snowball to Get Debt Relief

Having debt is uncomfortable. But if you have manageable debt and are looking to eliminate it faster, you have several options to consider. A method that has become popular is called the debt snowball. Here’s how it works.

How to make a debt snowball

  • Take stock of all of your debts. Determine how large they are, and put them in order from smallest to largest.
  • Continue to make minimum payments on all of your debt, but focus any additional income to reduce your smallest debt.
  • When you have additional money, put it toward that smallest debt. Continue to do this until you’ve completely paid off that debt.
  • Once you’ve eliminated your smallest debt, take all the money you were putting toward that payment and put it all toward the next smallest debt.
  • Once you eliminate that debt, put all your money to your next debt, and so on, until all of your debts are eliminated and you have no more debt.

There are a lot of advantages to the snowball method. It’s easily organized, without many moving parts—all you do is order your debts and reduce them one by one. Because you focus the most effort toward paying off your smallest debt first, you’ll see your efforts pay off fairly quickly, and that can help you to feel motivated about eliminating all of your debts.

When you use an easy method to reduce your debt, like the debt snowball, it makes the process less stressful. It might not be as exciting as watching Brad Gushue win the Brier, but debt reduction can bring its own rewards. Not only will you find debt relief, but you’ll feel a lot of stress relief, too.



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