If you've bought something on credit with no payments or interest due for a specific amount of time (for example, a TV for $500, with no interest or payment due for six months), follow these steps to enter the debt into the Debt Reduction Planner. This method assumes that you will take advantage of the no-interest period, and wait until the just before interest starts accruing to pay off the entire debt.
1 On the
navigation bar (The strip at the top of the Money screen where you can click to go to the different areas in Money.), click
Planner.
2 At the top of the left pane, click the down-arrow
, and then click
Debt Reduction Planner.
2 In the upper-right of the screen, click Next to see the Include debt accounts in your plan screen.
3 Click New Account. Enter the following information when prompted:
- Name of financial institution Enter the name.
- Account type Choose Credit Card or Line of Credit (depending on the nature of the debt).
- Account name Enter a name.
- How much do you owe? Enter the amount.
- Currency Enter the currency.
- Credit card or charge card? Select Credit Card.
- Interest rate Enter 0%. Click An introductory rate is in effect, enter the date the no-interest period is over, and enter the interest rate which will go into effect on that date.
- Credit limit Leave blank.
- AutoBalance Choose either option.
- Bill reminder Check this option.
- Estimated monthly amount Enter the amount of the entire debt. Since you want to pay off the debt before the no-interest period ends, instead of monthly payments, you'll make one full payment before the date the interest starts.
- Bill is due next on Enter the date you plan to make the payment (before the interest starts).
- Pay bill from account Select the account from which you plan to pay the bill (probably your primary checking account).
4 Click Finish.
5 Under Debt Accounts Not in Debt Plan, click the account you just created, and then click Move into plan.
6 Under Accounts in Debt Plan, right-click the account you just created, and then click Move into Plan.
7 At the bottom of the screen, click Edit Debt Info.
8 Click Pay balance each period, click OK, and then click Next in the upper-right of the screen.
9 Under Making a One-Time, Extra Payment, enter any amount you've already set aside for this bill, or add that amount to any amount you've already entered as a one-time extra payment on your other debts.
10 Click Next twice, and then click Finish.
Important
When the no-interest period ends, if you don't have enough savings to make the one-time payment in full you've scheduled, repeat step 5. Uncheck the Pay balance each period option, and then make any necessary changes to the other account information. The Debt Reduction Planner will now treat this debt just like any other debt, with a payment due on a regular basis until you've paid it off.
(above).
How?