<topic sku="core" tNum="288775" author="erinpa" xmlns="x-schema:hhTopicSchema.xml"><index><title>Enter a debt with a no-interest, no-payment period</title><category>debtplan</category><klink type="prcdr">How do I enter a debt with a no-interest, no-payment period?</klink></index>
<content>
<extend>
<tease>Why?</tease>
<reveal>
<p>If you buy something on credit with no payments or interest due for a period of time, enter the <glossary>debt</glossary> in the Debt Reduction Planner. Follow these instructions to take advantage of the no-interest period and wait until just before interest starts accruing to pay off the entire debt.</p>
</reveal>
</extend>
<ol>
<li>On the <emph>Planner</emph> menu, click <emph>Debt Reduction Planner</emph>.</li>
<ul>
<li>If you see the <emph>Get Started</emph> button, click it to display your debt reduction plan or to create a plan if you haven't set one up.</li>
</ul>
<li>Click <emph>New Account</emph>, and then follow the instructions on the screen as follows:</li>
<ul>
<li><emph>Assign a financial institution:</emph> Enter the financial institution name if applicable.</li>
<li><emph>Kind of account:</emph> Choose <emph>Credit Card</emph> or <emph>Line of Credit</emph> (depending on the nature of the debt).</li>
<li><emph>Name, account number & balance</emph>: Enter the appropriate information.</li>
<li><emph>Credit card or charge card:</emph> Choose <emph>Credit card</emph>, and don't select the <emph>Always pay entire balance each month </emph>check box.</li>
<li><emph>Interest rate:</emph> Enter <emph>0%</emph>. Select the <emph>An introductory rate is in effect</emph> check box, enter the date the no-interest period ends, and then enter the interest rate that will go into effect on that date.</li>
<li><emph>Credit limit:</emph> Leave blank.</li>
<li><emph>AutoBalance:</emph> Choose either option.</li>
<li><emph>Bill Calendar:</emph> Select the <emph>Yes, remind me when the bill is due</emph> check box. In the <emph>Estimated monthly amount</emph> box, enter the amount of the entire debt. Money assumes that instead of monthly payments, you plan to make one full payment before the no-interest period ends. In the <emph>Bill is due next on</emph> box, enter the date you plan to make the payment (before the interest-free period ends).</li>
<li><emph>Frequent flyer</emph>: Enter the appropriate information.</li>
</ul>
<li>Click <emph>Finish</emph>.</li>
<li>Under <emph>Debt Accounts Not in Debt Plan</emph>, click the account you just created, and then click <emph>Move Up</emph>.</li>
<li>Under <emph>Accounts in Debt Plan</emph>, click the account again, and then click <emph>Edit Debt Info</emph>.</li>
<li>Select the <emph>Pay balance each period</emph> check box, click <emph>OK</emph>, and then click <emph>Next</emph>.</li>
<li>In the <emph>Making a One-time, Extra Payment</emph> box, enter any amount you've 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.</li>
<li>Click <emph>Next</emph> twice, and then click <emph>Finish</emph>.</li>
</ol>
<p variant="impt">If you can't pay the debt in full when the no-interest period ends, click the account name, and then click <emph>Edit Debt Info</emph>. Clear the <emph>Pay balance each period</emph> check box, and change the other account information. The Debt Reduction Planner will now treat this debt like any other, with regular payments due until paid off.</p>
