Debt Reduction Planner - Add Ability to Adjust Minimum Payment [Edited]

kficek
kficek Quicken Windows Subscription Member ✭✭
edited December 11 in Budget and Planning Tools

The Debt Reduction planner is completely useless as a tool. The tool incorrectly calculates the minimum payment due on all of the "debts" and there is no ability to adjust it if the min payment is higher than the actual min payment. Ex. I have a student loan which has less than $400 on it at 6.55% interest rate. The debt reduction planner has the min payment as $1040. Excuse me? The planner would be a great tool if they would just remove the restriction on lowering the minimum monthly payment. As it is currently developed, it is useless.

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  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I don't normally use the Debt reduction Planner, but it appears that it computes the minimum payment based on the balance and the interest rate.

    Was your original balance $100,000 or so, with a fixed payment? That would explain where the $1,040 came from. Maybe it is just the final payment that it gets wrong.

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