problem with debt reduction planner on Windows 11 Quicken classic

Question

hello, all.  I'm trying to use the debt reduction planner.  When it begins and I select the credit cards I want to reduce, it shows the correct total, but once I develop the plan, the total on the graph is way off and so the first card to pay shows a very early and impossible payoff. Is there something I'm missing?

thanks

Sceptic · Answer

@moranka one more thing (sorry, I should have mentioned this from the start).  If you search Quicken Support, you will find some detailed information on the Debt Reduction Planner.  Here is an example -

About the Debt Reduction Planner | Quicken Help

Sceptic · Answer

@moranka the other thing that might be happening is that the Debt Reduction Planner is taking the credit cards with the highest rates or the smallest balances and paying them off first.  Maybe play around with the minimum payments and see how that changes things.

Sceptic · Answer

@moranka my only suggestion would be to double check the interest rates and minimum payment amounts.  But otherwise, minimum payment amounts on your credit card statements, imho, are way too small.  If your statements include payment projections based on these minimum payments, you will see that it would be 20 or 30 years before you pay off the cards.  It is shocking to see but this is how the CC issuer makes their money off the interest they charge, especially if the cardholder makes only the minimum payment.