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Debt Snowball: The Psychology of Paying Off | Durham News
Description
American households are drowning in $18.8 trillion in debt, with credit card balances alone hitting $1.25 trillion at over 22% interest—making progress feel impossible. Enter the debt snowball method: tackle the smallest debts first to build momentum and psychological wins. It’s not about math—it’s about motivation. Rolling payments from paid-off debts into the next one creates a snowball effect, accelerating payoff and boosting morale. Studies confirm it works: people stay committed longer, even if mathematically paying high-interest debts first saves more. For many, finishing—even small debts—is what keeps them going.
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