Snowflaking Question

iVillage Member
Registered: 03-27-2003
Snowflaking Question
6
Wed, 01-12-2005 - 1:42pm

Hi all,

Is it too late to start snowflaking with all of you? Do you pick just one credit card? How do you know which one to pick? Thanks, Pat

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Wed, 01-12-2005 - 3:40pm

Hi!

Sarah
iVillage Member
Registered: 05-30-2003
Thu, 01-13-2005 - 12:38am

Hi, Pat-

It's NEVER too late to start being a fellow 'flake', LOL! I think Becky can just add you fairly easily to the list.

As for the *what* to flake to-I've found that by focusing on one target I'm better able to get the debt gone faster. I go with whatever the lowest balance is, totally ignoring the interest rate (ours are pretty OK). I know that mathematically, this doesn't always make sense, but like my hero, Dave Ramsey says, "if we could do math, we wouldn't be in debt!" It's true for us that it's mainly mental at this point.

You can decide which would work better. I think others on the board have targeted the card that ticks them off the most, which is a great reason! Others go with the highest interest rate. I go with whatever will get the debt g-o-n-e the fastest!

C'mon and be a flake with us-it's more fun than you'd think!

~Lisa :)

iVillage Member
Registered: 03-27-2003
Thu, 01-13-2005 - 10:25am

Thanks all,

I definitely will email Becky this evening with my balance. I think I am going to do my home equity line of credit it is $15,000 maybe more because it annoys me to even look at it. Pat

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 01-13-2005 - 10:51am
Lisa - I don't think I've ever heard that particular Ramsey quote.

All my best,
Danni

iVillage Member
Registered: 05-30-2003
Thu, 01-13-2005 - 2:44pm

Yep-it's one of my favorites! I can't remember the exact context or what lesson it was in, but even at the time, I remember thinking, "Uh-huh. That's pretty much it!"

That's why he's my hero! He's been there, done that, and admits to it. I also like his, "I've done stupid with lots of zeros on the end!"

Lisa :)

iVillage Member
Registered: 05-14-1999
Thu, 01-13-2005 - 4:59pm

Never too late to be a flake, and you can come back and start flaking again like me.

But what I do is flake more to the CC and a bit to my student loan, but anything beyond the "minimum" payment, I count as a flake. I usally round everthing up, even if it is just a few cents or dollars and count that as flakes.

For the Student Loan, I flake only under $3 a month, but at least it's some flurries. They might not be a blizzard; but they count.