The “snowball method” is going viral on TikTok, with its creator claiming it’s the fastest way to pay down debt.
Dave Ramsey, the famed finance expert who is the brains behind the budgeting hack, explained that the method is designed to build momentum in the same way as a snowball being rolled downhill.
To start, you list your debts from smallest to largest — which makes it a good method for those who have multiple sources of debt.
Ramsay says you make minimum payments on everything but the smallest debt, and you “attack the little one with a vengeance.”
“Scorched-earth lifestyle. Sell so much the kids think they’re next,” he quipped.
