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Confessions of a former debt ‘snowball’ addict

Julie Sherrier

A lot of time, money and energy go into figuring out why people make the wrong choices when paying off debts.

For example, when faced with multiple debts with varying interest rates, people tackle the debt using one of two strategies: paying the smallest debt off first (known as the infamous “snowball strategy”), or paying off the debts with the higher interest rates first (the more logical approach, which, if followed, gets you out of debt faster).

I’m ashamed to say that, for quite a number of years, if not decades, I was a snowballer.

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