What Is the Debt Snowball Method? How Does It Work?

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Debt Snowball Method, Explained
How Does the Debt Snowball Work?
Example of a Debt Snowball
Pros of Using the Debt Snowball
Cons of Using the Debt Snowball
Alternatives to the Debt Snowball
Consolidation Loans vs. Debt Snowball Method
The Takeaway
Frequently Asked Questions
Photo credit: iStock/Inna Kot
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About the Author
Austin Kilham is a writer and journalist based in Los Angeles. He focuses on personal finance, retirement, business, and health care with an eye toward helping others understand complex topics.
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