[cristina47454]

So, as I pay down my balances, my minimum payments are also going down. In one case, the minimum payment has gone down almost $100. Do I keep paying my ORIGINAL minimum balances as I snowball, or do I adjust my minimum balances as they decrease and throw the extra at the card I'm currently attacking?

I'm really bad at the math for these types of things, but I'm assuming it affects the bottom line (or maybe it's insignificant...)

 

[Climbergirl]

I am no expert since I have not gotten started. But I think the point is to get the cards paid off faster in order to keep mental momentum. I would take the extra amount and pay the credit card you are attacking.

 

[JamieCatheryn]

If the goal of snowballing is to get rid of the first priority debt as fast as possible to boost your confidence, then throw everything possible at it and decrease the others to new minimums. Also if you're going with the largest interest rate debt first, it's also best to pay more on it so you get rid of that interest.

 

[mtm]

Quote:

Originally Posted by cristina47454 So, as I pay down my balances, my minimum payments are also going down. In one case, the minimum payment has gone down almost $100. Do I keep paying my ORIGINAL minimum balances as I snowball, or do I adjust my minimum balances as they decrease and throw the extra at the card I'm currently attacking? I'm really bad at the math for these types of things, but I'm assuming it affects the bottom line (or maybe it's insignificant...)

I'd pay what they tell you is the current monthly minimum on all the cards except the one you are currently snowballing which would get all the extra.