The Debt Snowball method is a debt repayment strategy that focuses on paying off debts from the smallest to the largest. Individuals list their debts in ascending order based on the balance owed. They make minimum payments on all debts except the smallest one, to which they allocate any extra funds. Once the smallest debt is paid off, they move to the next smallest, using the money freed up from the previous payment. This approach can provide psychological benefits, as paying off smaller debts quickly can boost motivation and confidence. The Debt Snowball method emphasizes the importance of celebrating small victories, which can help individuals stay committed to their overall debt repayment plan.