3 Multiple Choice 1 point Which best describes the Debt Snowball method for paying off debt? Make the monthly minimum payments on all your debts and put any extra cash toward the debt with the highest balance. Once your debt "snowballs out of control, hire a certified credit counselor to help get your finances backon track. Only make payments on your smallest debt first,then move on to your second smallest debt,and so on Make the monthly minimum payments on all your debts and put any extra cash toward the debt with the lowest balance.

## Step 1<br />The Debt Snowball method is a strategy for paying off debts. It involves making the minimum payments on all debts and then putting any extra cash towards the debt with the lowest balance. This method is based on the idea that once the smallest debt is paid off, the motivation to continue paying off the remaining debts increases.<br />## Step 2<br />The other options provided do not accurately describe the Debt Snowball method. Option A suggests paying off the debt with the highest balance first, which is not the Debt Snowball method. Option B suggests hiring a certified credit counselor when the debt "snowballs out of control", which is not the Debt Snowball method. Option C suggests paying off the smallest debt first and then moving on to the second smallest debt, which is not the Debt Snowball method.