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Thread: Debt snowball question
05-17-2019, 11:51 AM #1
Debt snowball question
I may be overcomplicating the debt snowball, but when making the accelerated payments on the smallest debt, do you take the excess from a payoff balance and apply it to the first payment on the next debt? For example if you have a debt balance of $280.00 and the accelerated payment is $150, well after the second payment is made, you're left with a $20.00 "surplus". What does Dave say about that?
Also, does anyone have a spreadsheet they've created with formulas and such, that I could use?
Last edited by rcollins98; 05-17-2019 at 12:02 PM. Reason: Added to it
05-19-2019, 03:33 AM #2
I would assume the $20 surplus goes towards another debt. Don't let it stay on that credit card. If you do, ask for a refund check and then get rid of the card...
I don't of any debt formula....And I don't know if Dave has any either.
05-19-2019, 05:47 AM #3
Lets just say, if you are paying $200 a month to debt 1 and $50 to debt 2 when you pay off debt 1 you would be paying $250 a month to debt 2 now.I'm too busy working on my own grass to notice if yours is greener.
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