Snowballing

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 ?
2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310

2nd Purse Challenge:
£15.88 saved to date

Comments

  • debtbuster2K5
    debtbuster2K5 Posts: 1,515 Forumite
    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
    24 hours in a day. 24 beers in a case ... coincidence? :beer:
  • mountainofdebt
    mountainofdebt Posts: 7,795 Forumite
    First Post First Anniversary Combo Breaker
    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.
    2014 Target;
    To overpay CC by £1,000.
    Overpayment to date : £310

    2nd Purse Challenge:
    £15.88 saved to date
  • debtbuster2K5
    debtbuster2K5 Posts: 1,515 Forumite
    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
    24 hours in a day. 24 beers in a case ... coincidence? :beer:
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