If you're only making minimum payments on your debt, try the debt snowball method to become debt-free faster! Step 1: List your debts from smallest balance to largest. Step 2: Make minimum payments on all debts except the smallest, throwing as much extra money as you can at that smallest debt. Once that one’s paid off, take the entire amount you were putting toward that debt and apply it to the next smallest debt on your list, while continuing to make minimum payments on the rest. Step 3: Repeat