Building the biggest possible snowball isn’t about effort, it’s about momentum. By packing a small snowball and rolling it, it will grow and collect more and more snow with every roll, until it grows into a giant snowball.

The same principal can be applied to eliminating your debt.

Take control of your debt with these industry leaders:

1. Freedom

Best for: Multiple debts

  • Minimum debt: $25,000
  • Reduce your monthly payments
  • No-risk & free consultation

View Rates

2. LendingTree

Best for: All credit scores

  • APR: 3.99% - 35.99%
  • Loan Term: 3 - 180 months
  • Credit Score: Poor+

View Rates

3. LoansUnder36

Best for: Small loans

  • APR 5.99% - 35.99%
  • Loan Term: 2 - 72 months
  • Credit Score: Poor+

View Rates

Let’s line up your debts (excluding mortgage) from smallest to largest, regardless of interest rate:

Medical expense: $1,000
Min payment: $25

Credit card: $2,000
Min payment: $75

Student loan: $5,000
Min payment: $150

The debt snowball method says you should start by eliminating your smallest debt, in this case, the medical expense.

Now, let’s say you have about $200 a month to dedicate towards paying off your debt.

Instead of distributing that $200 evenly towards all your debts, put the $200 plus the minimum payment towards your medical debt, while continuing to pay the minimums on your credit card debt and car loan.

By contributing $225 a month, your medical debt will be paid back in 5 months.

Now, roll that $225 into paying off your credit card debt, plus the minimum payment.

At $300 a month, your credit card debt will be gone for good after 6 months.

Now, your snowball is gaining major speed!

Roll that $300 into your student loan payment, and become completely debt free in 8 months.

The debt snowball doesn’t cost you any extra money, it simply builds momentum so you can feel the impact of your debt repayments on a growing scale.

This is one snowball fight you can definitely win.

Don’t let your credit cards keep you in an endless cycle of debt. You have a way out.

View Rates