If you live in an apartment, it is a good idea to have some plan in place to help pay down your debts. This can give you some more room in your budget so you can better afford the apartment and some of the utilities along the way, and may even make it easier for you to have the funds to move to a nicer and bigger place down the line. But before you start dreaming of bigger apartments to enjoy, you will need to pick out the debt repayment method that you would like to use as your own.

One method that is really popular is the debt snowball method. With this one, you are going to list all of your debts, from smallest to biggest. You will not worry about the interest rate at this time, just the size of the debt that you owe. You will then make the minimum payment on each of them, putting any extra money that you have in the budget towards the smallest debt to pay it off faster. When that debt is gone, you will roll all the extra money into the second smallest debt, and so on until they are all gone.

There are a number of benefits that come with the debt snowball method, but there are also some drawbacks that you need to be aware of before you decide to jump right in and make this your chosen method. Some of the drawbacks to consider include:

# It is not efficient: While it can give you some motivation to keep going, it does have a problem in that it doesn’t focus on the interest rates. This means that you may still pay a ton of interest when you are on this one and that can cost you more money.

# It is not the fastest: This method is all about getting small wins quickly, but often one of the other methods will help you to get ahead faster. It may feel like it is taking longer because you start with the biggest loan first, but it does help pay faster overall.

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