I've known people who have followed this and successfully paid off more than 10k in debt (non-car or house). I think it works well and makes a lot of sense.

The basic steps in the debt snowball method are as follows:

* List all debts in ascending order from smallest balance to largest.
o This is the method's most distinctive feature, in that the order is determined by amount owed, not the rate of interest charged. However, if two debts are very close in amount owed, then the debt with the higher interest rate would be moved above in the list.
* Commit to pay the minimum payment on every debt.
* Determine how much extra can be applied towards the smallest debt.
* Pay the minimum payment plus the extra amount towards that smallest debt until it is paid off.
o Note that some lenders will apply extra amounts towards the next payment; in order for the method to work the lenders need to be contacted and told that extra payments are to go directly toward principal reduction.
* Once a debt is paid in full, add the old minimum payment (plus any extra amount available) from the first debt to the minimum payment on the second smallest debt, and apply the new sum to repaying the second smallest debt.
* Repeat until all debts are paid in full.
Debt-snowball method - Wikipedia, the free encyclopedia