About this video:
Mr. V from Plenteouz.com explains the Snowball effect debt repayment strategy. Debt can pile up quickly, becoming overwhelming before you know what to do with it. Fortunately, there are strategies you can employ to pare down your debts so you can pay them off without going broke or insane in the process.

The snowball effect is an easy and convenient method of paying down debts, regardless of how much debt you have.
Pay off your smallest debts first. When you pay the smallest debt off first, you start a small amount of momentum that’ll build quickly. Write down all of your debts from smallest to largest, and then create a plan to pay off the smallest one first.

Small wins add up. Your personal finance strategy will be more successful if you feel motivated, which is why small wins are so important in the beginning. When you start paying off your smaller debts, you’ll find yourself feeling motivated to maintain your debt-reducing strategy.

The snowball effect is an effective debt repayment strategy. Utilizing this method of debt repayment will help you keep the momentum as you repay your debts so that you can get the job done and enjoy a life free from the constraints of debt.