Snowflaking defined
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Snowflaking defined
| Mon, 01-11-2010 - 1:30pm |
We talk a lot about snowflaking on the board and every Friday everyone posts their updates on how they did for the week.
| Mon, 01-11-2010 - 1:30pm |
We talk a lot about snowflaking on the board and every Friday everyone posts their updates on how they did for the week.
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So, back to the question, how do you define a snowflake - amount to principle or amount over the minimum payment?
Ok in my mind "amount to principle" and "amount over the minimum payment" should be one and the same. Anytime I pay more than the minimum on a loan or CC it would come off the prinicple. Unless there are cards out there that give you a minimum which is lower than the interest payment you are making.
But I am interested in seeing what others think.
Sharon
Wow, my definition was really off!
Kate
Thanks for posting this. I'm relatively new and was clueless about the snowflakes. :) I mostly lurk but read often and am always interested in strategies that work for people. I can't wait to read the definitions.
In my opinion - if you have a set payment of $1000 and $800 goes to the principal and $200 goes to the interest.
Norma
"Patience is the best remedy for every trouble"- Plautus
I have been reporting my snowflakes as those amounts over the minimums.
I'm confused now.
Some people have CC Debt and some people don't. Others have auto loan payments with so much going to interest and so much to principal. Does that count? Or is it whatever extra you put above and beyond the auto payment?
I define snowflaking as anything above and beyond the monthly minimum I am required to pay. For example, my Capital One card minimum is $15 monthly, and I pay $80 - that's $65 flaked. Once that card is paid off, I will flake to a high-interest loan; that monthly loan payment is $210.23, and I will roll my $65 flake to that loan, above and beyond what I am minimally required to pay.
Gosh this post is hilarious....
Snowflakes confused me from the get go so I never really posted anything as a snowflake....
Duke
PS...I feel that it should be anything against the principal of the mortgage or credit card etc.
So see Newbies, even us old standys can't agree on this one.
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