Debt Snow- ball method

Debt-snowball method is a type of debt repayment method is a form of debt management which is usually used to repay credit cards. This method is more recognized as it is the main debt-reduction method and it is also recommended by other financial institutes.

This debt-snowball method can be repaid in many methods or ways:
1. List all the debts from smallest to largest
2. It should be repaid with minimum amount
3. Calculate how much extra can be paid on small debt
4. Repay the smallest amount and the extra amount until it is totally paid off.
5. Repeat this process until all the debts are paid

The main idea is to reduce the debts that are growing the fastest in order to minimize the total amount of interest paid.

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