The snowball method, popularized by Dave Ramsey, encourages individuals to pay off their smallest debts first, creating momentum toward larger debts. Many TikTok users, like @sydneymerieux and @finfabwiththea, have shared their success stories, demonstrating that even large debts, like $90,000, can be manageable. Financial advisor Deryck Gryne emphasizes the simplicity of the method, advising users to list their debts, focus on paying off the smallest, and continue with minimum payments on others. This approach allows for a structured, manageable path towards financial freedom without needing large sums of extra money.
"The snowball method is all about paying off the smallest debts first and then letting your payments snowball to the bigger ones from there."
"I know there are a lot of different methods that people use in terms of trying to pay off their debt, but personally, the snowball method made the most sense to me."
"The debt snowball method was how I did it. It allowed me to transform my finances, going from £15,000 in liabilities to being debt-free."
"By paying off your smallest debt first with a little extra money, you can build momentum to tackle larger debts, simplifying the process of becoming debt-free."
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