Build momentum.
One balance at a time.
Learn how smaller-balance priorities fit into a repayment plan that includes your mortgage and other debts.
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How does the debt snowball work?
Make required payments on every debt, then direct extra money to the smallest balance. After it is paid off, redirect its payment toward the next debt. Visible milestones can help motivation, but this approach may cost more interest than prioritizing higher rates.
List balances
Gather balances, minimum payments, and rates; identify the smallest balance.
Keep payments current
Continue required payments on every other debt. Extra repayment is in addition to those commitments.
Compare priorities
Include your mortgage in the picture without assuming it should be paid first.
Keep your next
step simple.
NIFE connects homeowners and people managing debt with practical education, consumer tools, and human guidance.
Learn more: CFPB: comparing debt repayment methods.