Using the Snowball to Melt Debt

What is the best way to reduce debt? It's a question that everyone with debt asks at some point.

The most-efficient means of debt reduction is probably the snowball method. There are two main variations of the snowball method, but you must consider your personality to determine which of the two is right for you.

The Classic Snowball

The classic snowball debt reduction method works as follows:

1. Make a list of all your debts, ordering them from highest interest rate to lowest interest rate.
2. Set aside a specific amount of money that will go toward paying these debts each month.
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