question??
Find a Conversation
question??
| Sat, 11-20-2004 - 11:55am |
I have been reading posts here for several weeks and have responded to some other ivillage threads. You guys are awesome.
May I ask a question?? What the heck is snowflaking?? Is that debt related? Thanks in advance, and again, you all have been a lifesaver for me!!
May I ask a question?? What the heck is snowflaking?? Is that debt related? Thanks in advance, and again, you all have been a lifesaver for me!!

I'll do my best to answer your question.
I LOVE SNOWFLAKING!!!!
Okay on with the answer :) It's one of the preferred methods used on the board to help pay down debts.
For example if your minimum payment on your Visa this month is $87 and you decide to pay $90 well that $3 is considered a snowflake.
Sometimes you'll see posters who post a large snowflake or rather an "avalanche" and that can happen for many reasons including getting tax refunds, gifts, inheritances, or other sources of sudden money, profits from the sale of homes/cars etc...
Also what happens is that say that you stick to paying the $80 minimum on your Visa regardless and never charge the card from that point on. Every month your minimums get lower and you'll still be paying $80 = an effortless snowflake.
Once the Visa is paid off, instead of absorbing the $80 in your budget what many of us do/did is to roll it over to the next target debt so that it results in getting the debt paid off even faster; also called the "snowball effect".
At the top of the board page, there is a link that explains the concept and shows you how much we as a board have snowflaked this year, we're over $110K and the year is not done!
HTH,
Kassandra
Kassandra
"It is said that life has its peaks and valleys. The challenge is to accept them equally and experience them
Great answer Kassandra!
Also, for more examples of how to snowflake, check out this link to the board's website: http://pages.ivillage.com/cl-beckymk/snowflaking/id2.html
Happy Flaking!
Danni
cl-phocid, Debt Support Group
Is it snowing in your wallet?
All my best,
Danni