The snowball effect for paying off your debt

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 The snowball effect has you commence by paying off your smallest debt, irrespective of how much the interest rate may be. After you pay down that balance, you then get to the next smallest balance. for a while, you’re still paying minimum balances on all your other accounts.

The reason why the Snowball is the best way to pay off debt
If you apply the snowball method, you could pay off your first balance in six months, unlike the avalanche method, where it would take you more than a year to pay off your debt with the highest APR. If you're motivated by a quick win, then the snowball method is a better choice.
With this strategy, you pay down the smallest debt first and move your way up, regardless of the interest rate. While both are useful strategies to get debt out of your life, one method might be the best and easier for you to stick with and make a bigger impact on your finances.

How you can  calculate your snowball debt
These are steps how the debt snowball works:
Step 1: List your debts from smallest to largest irrespective of interest rate.
Step 2: Make minimum payments on all your debts except the smallest debt.
Step 3: Try to pay as much as possible on your smallest debt.
Step 4: Repeat this process until each debt is paid in full.

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