Add Progress Tab under credit card accounts (Q Mac)
With a lot of people having some kind of debt, it's not all loan debt as classified by Quicken. While under loans, you can track the progress of your balance. My idea is to offer a progress tab just like you see under loan accounts on credit card accounts so you can see the progress you are or are not making with credit card debt. I think there is a lot of opportunity here for Quicken because once you have a progress tab you suggest or offer up ways to tackle debt like using snowball method or interest method, etc. and as long as you track all the accounts maybe it could suggest the best order for your accounts to be paid off. But currently, even if we we had the simple progress tracker, it would help a lot as there is no report or anything that analyzes balance on credit cards.
Comments
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I don't quite see how your Progress tab varies from the current balance in the card account. Please elaborate.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Yes you can see current balance but if you are trying to actively pay down your debt, there is no view to see over time if you are making a dent in your balance unless you scroll thru all the transactions and see when payments were made and then you have to memorize between purchases putting on the card and the payments if you are making progress. So if you look at a loan, it has a nice and easy to see view of your loan pay down progress. So the idea is bring that same visual forward to a credit card since it's a form of debt so you can see your credit card balance rise and fall. Also bringing over the what if tab so you can forecast if I pay an extra 500/month or a one time of X, what could happen with the interest and the current balance. I know with a loan there is no adding to the balance so that is where the difference would come in but to visual see the progress to see if your overall balance over 6 most, a year, several years is trending in the right direction would be awesome to see. Especially since the progress bar forecasts when you would be out of debt based on your current payments, it would give some peace of mind if I am going to pay off the card in 10 months or 10 years.
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Hello @gobuckeyes,
To clarify, you're wanting to credit card accounts have functionality similar to loan and mortgage accounts, where you can see the principle and interest, see how long it would take to pay off with your current payment schedule, and possibly a "What if" tool that would allow you to see how much you'd save (or lose) if you change how much you pay per month?
I look forward to your reply!
Quicken Kristina
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Yes exactly.
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I could even see under the progress tracker where you could trend purchases vs. payments so it could show you have either a positive or negative purchasing trend or a positive or negative payment trend so you could quickly see if your payments are exceeding your purchases. I think there are a lot of possibilities here to help people pay down their debt but the progress and what if tabs are a start.
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There's an existing Product Idea thread for a Debt Reduction Planner for Quicken Mac that's already marked as planned. This suggestion seems to be along the same lines as that.
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