This repository is used to allocate extra payments to your debts each month to pay them off as quickly as possible. If a debt is paid off, the amount to keep it current is added to the total income to pay off the next debt, paying debts off faster and faster, as each month goes by, thus a snowball effect.
The DebtSnowball is run through the use of DebtSnowball.py file,
in which the following can be done:
- Any new debts are added.
- Remove any particular debt.
- Sort all debts in ascending order in terms of the amount outstanding for the debt.
- The DebtSnowball:
4.1. All payments are made to keep those debts current, this is particularly when there is a contract of repayment; eg car, phone payments.
4.2. The amount of money left over after paying all bills, is used to pay off the smallest debt.
4.3. If the amount of debt is paid off, then the current amount of that debt is added to the amount available for the following months.