It is a challenging question that faces most of us. How to get out of debt? Should I explore debt consolidation? Many of you have probably heard of the debt pay down snowball method made famous by personal finance guru Dave Ramsey. If you haven’t, the basic premise is that you make minimum payments on all your debts except for the smallest, and put as much money as you can on that debt. Once that debt is gone, you then take its payment and apply it to the next smallest debt. Rinse and repeat as you go through each one. The more you pay off, the more your freed-up money grows – which is – wait for it – like a snowball rolling down a hill. The additional thinking too is that by starting with the smallest debt, this will add up to quick wins, giving you additional momentum.