A debt will remain a debt, regardless of its size. It can actually take away your peace of mind. The snowball method essentially works for those borrowers who are grappling with issues such as outstanding balances. This method essentially offers a strategy to get rid of debt by prioritizing the repayment of smaller debts first and then moving on to bigger ones. The main objective of the debt snowball method is to build momentum in debt repayment, a lot like the snowball gaining speed while rolling downhill. It is a method that focuses on taking care of the smallest debt first, regardless of its interest rate compared to others. It mainly wants to pay off debts systematically one by one, thereby freeing up the funds for dealing with the next smallest debt in line. Before going ahead with this strategy, it is important to build up emergency savings to handle any unforeseen expenses that may crop up along the way. Such kinds of emergency funds should have at least three to six months’ worth of living expenses.