Snowball
Snowball
Snowball is a debt pay-off technique involving pay-down of the highest-rate debt first. The borrower makes minimum payments on all accounts, except for the one with the highest rate. To the highest-rate account, the borrower pays as much as he can afford. Once this account is paid off, the borrower focuses on the highest-rate account of those remaining. This process is repeated until all accounts are paid down.
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