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This snowball tactic thingy
MattsMoney
Posts: 8 Forumite
I have searched (honest 
) but cannot find an actual explanation of what a "snowball" is - lots of references to one such tactic, but no clues!
If anyone could kindly quickly explain I'd really appreciate it. My hands are getting cold here I think I've got the wrong end of the stick
) but cannot find an actual explanation of what a "snowball" is - lots of references to one such tactic, but no clues!If anyone could kindly quickly explain I'd really appreciate it. My hands are getting cold here I think I've got the wrong end of the stick
Proud to be dealing with my debts
Owed (01/05/08): £973.35 (HFC Bank) £100 (Overdraft) Total: £1073.35
May earn-a-fiver-a-day! £0/155
Owed (01/05/08): £973.35 (HFC Bank) £100 (Overdraft) Total: £1073.35
May earn-a-fiver-a-day! £0/155
0
Comments
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basically it asks you for all your debts, their aprs and their minimum payments.
then it asks you for the amount you can afford to pay each month in total, and it works out how much you should pay to which card/loan etc.
When one is paid off, you pay the money that you were paying them each month to the next one.........therefore paying the next one off even quicker.......then when that is paid off, you pay the money off the next one, and so on......so you are getting a snowball effect!
It is a fab way of getting rid of your debts quicker, and you can play around with it to see what difference an extra £10 a month etc makes on your debt free date!Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)Life begins at the end of your comfort zone (Neale Donald Walsch)0 -
Thank you VERY much for the info, hypno! Very kind of you
Seems a great way to look at it all.. Proud to be dealing with my debts
Owed (01/05/08): £973.35 (HFC Bank) £100 (Overdraft) Total: £1073.35
May earn-a-fiver-a-day! £0/1550 -
MattsMoney wrote: »Thank you VERY much for the info, hypno! Very kind of you Seems a great way to look at it all..
Hi mattsmoney,
try clicking onto www.whatsthecost.co.uk This is the home of the snowball calculator, but if you look at my thrad on this page it doesn't seem to be working at the moSparky0107 - Sealed pot challenge member #002. Total for SPC3 £1,030.57 Total For SPC 4 £2247.00 Total for SPC 5 £2574.62 :T Total for SPC 6 £4552.91:T
:rotfl:LC2 & Jakes-Mum are off their heads :rotfl
:j DEBT FREE AS OF 20/01/2012 :j0 -
Hi Matt, I hink you'll find that the website is down at the moment, but it is called www.whatsthecost.com & when it's up & running again is a great way to keep you motivated into clearing your debts. Good luck!!Debt at LBM(July 1st 07)-£35,053.92 Debt on 1st Anniversary of LBM(July 1st 08)-£33,170.11 (31st January 09)-£32,318.73Paid off so far £2,735.19(7.8%) Average paid off p.m. £143.95 L/H supporter 115 DFD target February 2018 DFD March 2028. PAD(Started 28/12/08) £253.77 £10 a day Feb £110/£280 WEDDING Paid off £1,585.96 Saved Up £925.400
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