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Debt Payoff DB
Jerry Fowler 
       
3 years ago
Im trying to create a database for paying off my credit cards. Here is my plan say I have 3 credit cards

#1 Balance 2530.00, #2 1250.00, #3 824.70.  I would like to take a total of min payment plus interest of all the cards (ex. 207.00) and add $50 to the smallest till its paid off, then add that 50 to the smallest of the remaining cards and so on.  I have it working except for the transfer of the $50 to the next card.  After reading this, if it's beyond this forum just let me know.  Know I have apprecieated all the help you all have given me.

Here is my VBA code so far (Im sure there are other easier ways to do this)


code
Private Sub CreateReliefBtn_Click()

    Dim MP As Integer

    Dim EX As Integer

    EX = 50

    Balance = DLookup("BegBalance", "CreditCardT", "CreditCardID =" & CreditCardID)

    IR = DLookup("IntRate", "CreditCardT", "CreditCardID =" & CreditCardID)

    PaymentDueDate = Date

    CurrentDb.Execute "DELETE FROM CCSnowballDetailsT WHERE CreditCardID =" & CreditCardID

    '*****Calculate data*****

    Do While Balance > 65  

    Balance = Balance + Interest - ActPayment

    Interest = Balance * (IR / 12)

    MP = -1 * 5 * Int((Balance * 0.03) / (-1 * 5))      To get it roundedup to next 5.00

    MP = IIf(MP < 45, 95, MP + EX)  

    MinPayment = IIf(MP > Balance, Balance, MP)

    SugPayment = MinPayment + Interest

    ActPayment = MinPayment + Interest       for now just faking this number

    PaymentDueDate = DateAdd("m", 1, PaymentDueDate)

    ActPaymentDate = PaymentDueDate + 5       for now just faking this date

    PaymentMeth = "Check"       for now just faking this payment method

    CurrentDb.Execute "INSERT INTO CCSnowballDetailsT (CreditCardID, Balance, MinPayment, Interest,  SugPayment, PaymentDueDate, ActPaymentDate, PaymentMeth)" & _

        "VALUES ('" & CreditCardID & "', '" & Balance & "', '" & MinPayment & "', '" & Interest & "', '" & SugPayment & "', '" & PaymentDueDate & "', '" & ActPaymentDate & "', '" & PaymentMeth & "')"

        

    Loop


Right now Im just doing one card at a time as Im not sure how to do the 3 cards at a time.  If you can just point me in a direction of doing this.  I would like to try it on my own.  Thanks

Scott Axton  @Reply  
      
3 years ago
Snowball!!   Challenging at first but totally worth it as you move along the road.

I don't know if you have seen it yet but check out the Loan Payments video. The challenge is that you just need to sort your debts smallest to largest AFTER applying the minimum to each of the previous.
Jerry Fowler OP  @Reply  
       
3 years ago
I'll continue to nip away at this. For me the visualizing the calculating each months payments in order.  I pretty much have it as a one at a time.  I think I have seen that video but definetly go back and re-watch it.  Thanks for the suggestion.

This thread is now CLOSED. If you wish to comment, start a NEW discussion in Access Forum.
 

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