What is the Debt Snowball Method?

Basically, the Debt Snowball Method allows you to pay your creditors in a structured manner.  Typically, you begin by arranging your debts from smallest dollar amount to largest.  From there, each month you will pay a bit extra on your smallest debt.  Once that one is paid off, you move to the next debt.   As long as your finances remain constant, you should be able to pay off all your creditors.  While working with the Debt Snowball Method, it is important to inform your lender that you want extra payments to be applied to your principal balance.   As may be expected, if you do not inform them, they will simply consider advanced payments within the normal interest cycle.