Financial educator outlines 'snowball' method for paying down debt
Jenny Rodriguez explains the debt 'snowball' approach: list debts, pay minimums on all, apply extra payments to the smallest balance, then roll that payment to the next debt until all are paid.
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Jenny Rodriguez, a financial educator, told listeners the debt "snowball" method helps reduce financial stress by focusing extra payments on the smallest balance while maintaining minimum payments on other accounts. She said participants in her classes first list all debts, pay minimums on each, and then add a modest extra amount to the smallest balance to build momentum as balances are paid off and payments are redirected to the next account.
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