Debt snowball question
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  1. #1
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    Default 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?

    Thank you,
    Randy
    Last edited by rcollins98; 05-17-2019 at 12:02 PM. Reason: Added to it

  2. #2
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    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.

  3. #3
    Registered User RABBIT's Avatar
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    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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