Snowballing ?

loubie1

Hi All,

It seems I have had a light bulb moment !

Dh and I are currently in a fair amount of cc debt, we are managing to pay over the minimum payments ( with some left over each month ). Now I have finally seen sense with how much this is costing us in interest alone, I have done a soa and figured we could knuckle down and get rid of the debt once and for all.

I have just been on the snowball calculator with some rough estimates of interest rates and it looks like we could be rid of the debt in 5 years, probably quicker once I have finalised all the figures with dh.

I just wanted some encouragement that the snowballing works and some experiences from people who have used it.

Thanks

Louise

falldown7timesgetup8

Hi Louise,

Im currently snowballing, (started in August!) and on friday (payday) I will be clearing my first credit card!!! :T:T:T

In just clearing that ONE card, il be saving approximately £45 a month in interest....

My next card, im aiming to have cleared by Christmas...

It works!!
Good Luck x

loubie1

Thanks Falldown.

I'm quite excited, is that sad ! did you print off/ keep a copy of the graph. I am hoping to somehow merge it with my spread sheets.

Louise

falldown7timesgetup8

Im SO excited! I get a proper kick out of it!
I have a large spreadsheet document that tracks my budget monthly until the end of 2014 (im not kidding!)....i did the snoball, and then put ALL of the amounts i needed to pay into each month on the spreadsheet. Then on a separate spreadsheet tab, I made a graph to show each cc debt etc, and what balance they have at the beginning of every month - and converted into a graph...I cant wait to input the figures on friday and see the first debt hit zero! Very excited! I like a visual, and strict rules - keeps me on track