The Snowball Method is a debt repayment strategy that focuses on paying off debts from the smallest to the largest. By tackling the smallest debt first, individuals can quickly gain a sense of accomplishment, which can motivate them to continue paying off larger debts. This method emphasizes psychological benefits, as the quick wins can boost confidence and commitment to the overall debt repayment plan. As debts are paid off, the money that was allocated to the smallest debt is then rolled into payments for the next smallest debt, creating a "snowball" effect. This approach can lead to faster debt elimination over time, as the total payment amount increases with each debt cleared. The Snowball Method is often contrasted with the Avalanche Method, which prioritizes debts with the highest interest rates.