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snowballing
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  1. Debt Reduction & Money Management
    I must say I only got serious about our debt in January. Sat down, wrote down the numbers and came up with the plan. We had gotten into trouble with credit, compounded by DH being laid off for 9 months and living off credit. Since January we have paid off $4242! I can't believe it but there...
  2. Dave Ramsey
    We have 3 credit cards, I have 2 student loans. I heard DR mention putting the Student Loans in forbearance and then paying off the smallest Credit Card debt first, then the 2nd one, then the 3rd. Here's our situation: Credit Card 1: 5k ~ currently paying $150/month Credit Card 2: 5k ~...
  3. Dave Ramsey
    Hi, Like millions of other credit card holders the last several months, despite a decent FICO score, never paying late, and paying more than the minimums, my interest rates have been raised and/or credit limits slashed. Next month, I am starting a snowball plan to pay off my credit card debt...
  4. Debt Reduction & Money Management
    things are definately feeling better and I hope to start very soon. Even though DH is still on reduced work hours, in the past 6 weeks this is what I have managed. - I am almost completely current and paid up on all our bills(including dental). I still have a $375 coaching fee to pay and a...
  5. Debt Reduction & Money Management
    Hi folks! Just checking that I understand correctly: snowballing is when you put extra money into bill payments, and knock them down one after another...is that right... Janet
  6. Debt Reduction & Money Management
    We recently purchased a vehicle (week prior to joining FV) and I always ask if their is any pre-payment penalty when we purchase these types of items. The finance guy said No and went on to explain that if we were going to make a larger payment each month I needed to be sure to send the payment...
  7. Debt Reduction & Money Management
    I am thinking of snowballing my loan i have with the bank, i am just wondering how would the bank react to the extra payments and if its paid off early would the bank ask for interst on the remainder months i did not pay
  8. Debt Reduction & Money Management
    Hello!! I have a question about paying back debt and the "snow-balling method". As I understand it snow-balling is all about paying back one debt after another, using the amount you payed for the previous debt to snow-ball inom paying the debt on hand. Am I right so far?? My question is about...
  9. Debt Reduction & Money Management
    this is going to sound silly, but please bear with me. how can you snowball, when you are not currant with your bills? i mean, we have our household bills which are monthly, then we have the crap on our credit report that we do not pay on( don't scream at me, i know it was a bad choice) so in...
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