The debt snowball method is a debt repayment strategy that focuses on paying off debts from smallest to largest. By tackling the smallest debt first, individuals can gain a sense of accomplishment and motivation as they eliminate debts quickly. This method encourages consistent payments on larger debts while making minimum payments on others. Once the smallest debt is paid off, the money that was used for that payment is then added to the next smallest debt. This creates a "snowball" effect, where the amount available for repayment grows larger as each debt is eliminated, ultimately leading to faster overall debt reduction.