If tackling your debt feels daunting, consider the debt snowball method. This popular debt-payoff strategy is engineered to give you wins early in the process, which can make it easier to stay motivated.
Similar to the debt avalanche, the debt snowball involves strategically using extra cash to shave years off your debt repayment and save potentially thousands of dollars on interest compared with making the minimum payment. While other methods may save the average borrower a bit more money, the snowball method is touted by TikTok stars and financial planners alike because it feels goodand works.
Financial success is often more mind-set than math, says Brent Weiss, a certified financial planner and head of financial wellness at Facet, a v…
Read the full article at: https://www.wsj.com/buyside/personal-finance/debt-snowball-method-2ad24b0f