The 'snowball' method of debt relief is considered simple and motivating because paying off small debts quickly provides a sense of momentum, but it ignores interest rates, which may result in paying more interest over time if high-interest debts are left for later.

Authors

• Person: Not available Organization: Harvard Federal Credit Union
  A Comprehensive Guide to Debt Management Programs

Sources

• A Comprehensive Guide to Debt Management Programs harvardfcu.org Harvard Federal Credit Union via serper

Referenced by nodes (1)

• debt relief concept