Define the debt snowball method.

The debt snowball method is a strategy for paying off debt that focuses on motivating individuals by starting with smaller debts first. This approach involves listing all debts from the smallest to the largest, regardless of the interest rates. The individual makes minimum payments on all debts except for the smallest one, to which they allocate any extra funds. Once the smallest debt is completely paid off, they then take the amount they were paying on that debt and apply it to the next smallest debt, effectively "snowballing" the payments as they progress.

This method is effective because paying off smaller debts quickly provides a sense of accomplishment, which can encourage individuals to continue tackling their debts. The psychological boost from clearing small debts can motivate individuals to keep going with their repayment plan, ultimately leading to the elimination of larger debts over time.