The snowball payment method is a debt repayment strategy that involves prioritizing and paying off smaller debts first before moving on to larger debts. By focusing on quick wins and progress, it provides a psychological boost and helps individuals stay motivated throughout their debt repayment journey. This method works by listing debts in order of smallest to largest balance, making minimum payments on all debts, and allocating extra funds to pay off the smallest debt. As each debt is paid off, the amount available for repayment grows, creating a snowball effect that accelerates the debt repayment process.

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Budgeting plays a crucial role in preventing the snowball effect of credit card debt. By creating a budget, individuals can effectively manage their finances, prioritize expenses, and avoid excessive debt. A budget helps track income, allocate funds for essential needs, savings, and debt repayment. It curbs overspending and discourages reliance on credit cards for discretionary purchases. With a well-planned budget, individuals can maintain financial control, make informed decisions, and break free from the cycle of increasing credit card debt.