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multifol-io / site

project home for https://multifol.io/ -- tools to plan Annual Savings and Track your Portfolio
Apache License 2.0
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debt snowball idea #25

Open rrelyea opened 1 year ago

rrelyea commented 1 year ago

User feedback:

I'd enter debts by (1) amount, (2) interest rate, and (3) minimum payment. You could give users the option of doing a "debt snowball" approach (lowest balance first) or "debt avalanche" (highest interest first), although these would still be segregated into high, medium, and low interest categories, which I think makes sense. Then, your cash flow is minimum payments on all debts except either the smallest or highest interest, which gets all available cashflow. Any high interest debt will "block" the waterfall from going further down the chain, except for minimum payments, but that's the way it should be.

rrelyea commented 1 year ago

Another user said:

The high / medium / low income debt sections also give ranges for approximate returns. In context, users are thinking about debt, such as credit card rates. I recommend removal of Expected or approximate returns globally.