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Martin Lewis explains useful ‘snowballing’ method to clear debts
Martin Lewis has shared a handy tip to help clear debt.
The method, known as “snowballing”, could work for those who have more than one debt, with the MoneySavingExpert labelling it the “right way” to repay outstanding balances.
He explains that the strategy involves paying off debts in order of interest rates, gaining momentum as and when you knock off each owed.
“You take all the spare cash you have and you put it at clearing the highest interest debt,” Lewis explained.
“Then focus on clearing the next highest interest rate.”
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