Problem with debt reduction planner on Windows 11 Quicken Classic

moranka

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!

[Edited-Readability]

Sceptic

@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.