Debt snowball strategy is an innovative debt repayment strategy that encourages people to pay off their debts as quickly as possible. It was developed by U.S. investment advisor and Radio Show host Dave Ramsey. Basically, it is a method of assigning varying amounts of funds to multiple debts, with the goal of paying the smallest debt off the quickest. The strategy follows four steps to help borrowers tackle their debt. The first step is to list all debt in order of size, starting with the smallest. This “snowball” progresses to the largest debt payments. The second step is to make the minimum payments on all debts except the smallest one. The minimum payments should be made on time and in full. The third step is to pay as much as possible towards the smallest debt. The fourth step of the debt snowball strategy is to repeat the process with the next smallest debt once the first one is paid off in full. This way, the larger debts that used to seem impossible to pay off suddenly become la...