Snowballing

mountainofdebt

Can anyone help me with snowballing?

I know the basics and where I can find a calculator but my question concerns what happens when you shuffle the debt around.

eg hubby has just opened a &More card and we (or should that be I??) intend to put existing credit card debit onto it for the lifetime of the 0% offer.
However as this debt is now 0% presumably it will fall down the list in terms of the order that it needs to be repaid.

So, everytime I do a shuffle, or an offer comes to an end, do I need to redo the snowballing calculator to get an accurate picture of our debt free date ?

debtbuster2K5

Hi

Yes, Basically whenever you restructure your debt, adjust the calculator according to the highest interest rates. This will ensure you are snowballing the highest rate 1st.

If you have any probs pm me.

Regards

mountainofdebt

Thanks for confirming my thoughts.

I know its a slog in inputting the details but guess as its only going to be at most once every 6 months it will be worth it.

debtbuster2K5

mountainofdebt wrote:

I know its a slog in inputting the details but guess as its only going to be at most once every 6 months it will be worth it.

No probs.

For me thats the fun part though. Getting a better deal, shaving some time off your DFD

Good luck