The initial part of this method is that you have to setup a spreadsheet that lists all the debts that you have, from the smallest to the largest. After the completion of this list you have to use as much of your monthly income as possible for paying off the debts. In the Debt Snowball, you need to pay only the minimum payment on each debt that you have, especially for the one with the lowest balance. This will enable you to pay off the smallest debts in a very short time.