Give Debt Reduction Planner the option to include Temporary Interest Rate Balance Transfers

Many credit card companies are offering lower interest or 0% interest balance transfers to help reduce debt. One example is 0% Interest for 12 months with a 3% promo fee. Another example is 4.99% for 15 months with a $0 promo fee. In order to do that, I think you need an option to allow an interest rate override. If you add that with the expiration, you can more accurately track the interest. Have the override expire on the statement date for the card. You could even allow the amount of the transfer to be entered to track it's repayment. Allowing multiple balance transfers with different expiration dates would be even better. Some Cards will change the normal Purchase Interest Calculation Rate if Purchases appear during the Promotional Window.

Also, since some cards or Loans will also offer $0 Payment Deferrals having that as an option may also be more accurate and show the advantage of paying early when possible.

Maybe even add a "What If..." about transferring balance(s) to one of these as an option to save money on interest.

Adding these would make the Debt Reduction much more relevant and accurate.
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  • AceLandow
    AceLandow Member ✭✭
    Update: Debt Reduction Planner uses your interest rate to calculate your minimum payment. It assumes the entire amount is subject to this interest rate. You cannot edit/correct the minimum balance and continue though the planning.

    Warning: And at least in Windows version, if the inner window is scrolled down when you edit your plan, you cannot scroll back up to the top of the inner page. some of the options are unusable.