You can take
control of your finances and reduce or eliminate your debt(Money owed to
another person or company, such as loans, credit card balances, or
mortgages. ) with a debt reduction plan.
Click Planning, click Planning
Tools, and then click Debt Reduction
If the accounts you want to track don't exist in Money, click
New Account, and then follow the instructions on
Click each account you want to track under Debt
Accounts Not in Debt Plan, and click Move
Up. These will generally be your credit card debt and
other high-interest loans(An agreement
to borrow or lend money, usually with an interest charge on the
amount borrowed.) .
For Base my plan on, click an option for your
plan. You can base your plan on how much you want to pay each month
and have Money tell you how soon you will be out of debt, or vice
Depending on your choice in Step 6, the Enter your
monthly allocation for debt box or the Enter the
date you want to be out of debt box displays. Enter the
amount or the date.
Move the slider to experiment with different amounts or dates.
The Results section shows the effect on your debt
To make an extra payment, enter an amount in the Making
a One-time, Extra Payment box.
To view your payment schedule, click
To see a different view of your debt reduction plan, in the
View box, click Payment Schedule
Chart, Payment Schedule by Month, or
Payment Schedule by Account.
Click Next to see a list of recommended debt
To schedule a payment, select the check box next to the
Money will schedule a bill for each debt payment you check. If
you already have a scheduled bill for the credit card or loan
company, click Bills Summary on the Bills menu.
Verify that the bill created by the Debt Reduction Planner is
there, and then delete the bill you created.