K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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The Debt Snowball Method

September 10, 2019

You may be looking at paying off some debt, and wondering the best route to take to get it all paid off.  Maybe you have student loans, a car loan, a home equity line of credit, or credit card debt.  No matter the debt, there is a way to gain momentum with a proven plan at paying off debt: the debt snowball method:

Make a list of your debts from smallest balance to largest balance (not including your mortgage).  It’s not as necessary to look at the interest rates, just the outstanding balance.

Make minimum payments on ALL of your debts except for the smallest one.  With a lot of discipline, use the most money you can to pay as much as can on the smallest debt.  Be sure you take care of your regular monthly expenses, but use anything extra to pay on the smallest debt.

Once that debt is paid, take the amount of money you were paying on that debt and start paying on the next highest payment.  Snowballing each line of credit until it is $0!

It’s tempting to think that you’d want to focus on the larger balance, because it may be a higher monthly payment, but that will actually make you work for a longer period of time before you can get them ALL paid off!


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