The phrase "debt snowball" means paying off your small debts first and then using the money saved from those debts to pay off larger debts. It's like rolling a small snowball down a hill, watching it grow bigger and bigger as it collects more snow.
From the above illustration, we can now look at how debt snowball method works. (myfinancekits.com)
For clarity, if you want to use debt snowball strategy to pay off your debt, you will arrange the debts mentioned above in this order. (myfinancekits.com)
With debt snowball, you can quickly pay off the debt with the least amount. (myfinancekits.com)