Which of the following best describes the snowball method for paying off debts?

The amount of extra money paid toward debts gets bigger as each debt is paid off, and the payment amount is added to the next debt.

The principal amount of debt gets bigger as each debt is consolidated into a new one.

Debt is paid off faster, as all the extra money is evenly spread out over each debt.

Paying off the biggest debt takes a long time, but the amount of money available for the next debt becomes greater and momentum increases.