I have an annoying problem with the debt reduction planner that has been
around for at least a few versions. I am currently using v2006.
If I go into the debt reduction planner, then select base my plan on:
what I want to pay each month and enter anything other than the minimum
required payment, I get some crazy results for the payment schedule chart.
For example, it tells me I need at least $2500 for debt payments. If I
put that amount in something larger, say $3000, then for the first month
it applies $20,000 to debt and the next month like $10,000. Where does
it come up with these numbers? Shouldn't it be limited by the amount I
just entered? The only thing that works for me is to enter $0.00 and
then Money will show the payment schedule based on the minimum required
payments.
Is there a fix or workaround for this issue? I'd like to be able to
forecast how applying additional money to debt would work out.
Thanks,
Jesse

Seems to me that every dollar you apply to debt is earning credit card
interest and that ain't hay. For instance at 10% money doubles in 7
years compounding monthly at 1.00833...

I would be one happy rich hobo if I could earn Credit Card interest on
my portfolio.

arthur
==
On Mon, 22 May 2006 20:59:54 -0600, Jesse Lai <someone@somewhere.com>
wrote:
>For example, it tells me I need at least $2500 for debt payments. If I
>put that amount in something larger, say $3000, then for the first month
>it applies $20,000 to debt and the next month like $10,000. Where does
>it come up with these numbers? Shouldn't it be limited by the amount I
>just entered? The only thing that works for me is to enter $0.00 and
>then Money will show the payment schedule based on the minimum required
>payments.

Well, duh.

Don't you think that anybody who wants to use the DRP, warts and all, has
already figured out that pearl of wisdom?

"arthur" <trash.all.spam@xoxy.net> wrote in message
news:nfk572tmos46tu6d9mqekqhjk4omcevicd@4ax.com...
> Seems to me that every dollar you apply to debt is earning credit card
> interest and that ain't hay. For instance at 10% money doubles in 7
> years compounding monthly at 1.00833...
> I would be one happy rich hobo if I could earn Credit Card interest on
> my portfolio.
> arthur
> ==> On Mon, 22 May 2006 20:59:54 -0600, Jesse Lai <someone@somewhere.com>
> wrote:
>>For example, it tells me I need at least $2500 for debt payments. If I
>>put that amount in something larger, say $3000, then for the first month
>>it applies $20,000 to debt and the next month like $10,000. Where does
>>it come up with these numbers? Shouldn't it be limited by the amount I
>>just entered? The only thing that works for me is to enter $0.00 and
>>then Money will show the payment schedule based on the minimum required
>>payments.

I'm not sure what the pearl had to do with the OPs question.

I'm also sure there are lots of people with money invested in a 3% CD while
paying 21% on a bunch of credit cards and thinking they've got stuff pretty
well figured out.

"harrelsonesq" <harrelsonesq2@yahoo.com> wrote in message
news:%230hSIusfGHA.1792@TK2MSFTNGP03.phx.gbl...
> Well, duh.
> Don't you think that anybody who wants to use the DRP, warts and all, has
> already figured out that pearl of wisdom?

How is a computer to know how to solve a problem when it does not know
all the variables? If I stop accumulating charges then the problem is
solvable. If I continue to pile on debt then there may never be an
end to making the credit card company as rich as shit.

The first thing a professional debt counsellor does is tear up the
credit cards.

We graduate HS students able to climb a rope in gym but not able to
survive the real jungle of animals feeding off of the financial
illiterates and slaves created by your schools.

Duh to you too charlie tuna. Grab that bait. Don't let that bargain
get away from you. It is new and improved and FREE. Call NOW!!!

arthur
==
On Tue, 23 May 2006 17:46:43 -0700, "harrelsonesq"
<harrelsonesq2@yahoo.com> wrote:

>Well, duh.
>Don't you think that anybody who wants to use the DRP, warts and all, has
>already figured out that pearl of wisdom?

So back to my original question, is there a work around for this problem?

Jesse Lai

Jesse Lai wrote:
> I have an annoying problem with the debt reduction planner that has been
> around for at least a few versions. I am currently using v2006.
> If I go into the debt reduction planner, then select base my plan on:
> what I want to pay each month and enter anything other than the minimum
> required payment, I get some crazy results for the payment schedule chart.
> For example, it tells me I need at least $2500 for debt payments. If I
> put that amount in something larger, say $3000, then for the first month
> it applies $20,000 to debt and the next month like $10,000. Where does
> it come up with these numbers? Shouldn't it be limited by the amount I
> just entered? The only thing that works for me is to enter $0.00 and
> then Money will show the payment schedule based on the minimum required
> payments.
> Is there a fix or workaround for this issue? I'd like to be able to
> forecast how applying additional money to debt would work out.
> Thanks,
> Jesse

bump. Noone?

Jesse Lai wrote:
> So back to my original question, is there a work around for this problem?
> Jesse Lai
> Jesse Lai wrote:
>> I have an annoying problem with the debt reduction planner that has
>> been around for at least a few versions. I am currently using v2006.
>> If I go into the debt reduction planner, then select base my plan on:
>> what I want to pay each month and enter anything other than the
>> minimum required payment, I get some crazy results for the payment
>> schedule chart.
>> For example, it tells me I need at least $2500 for debt payments. If
>> I put that amount in something larger, say $3000, then for the first
>> month it applies $20,000 to debt and the next month like $10,000.
>> Where does it come up with these numbers? Shouldn't it be limited by
>> the amount I just entered? The only thing that works for me is to
>> enter $0.00 and then Money will show the payment schedule based on the
>> minimum required payments.
>> Is there a fix or workaround for this issue? I'd like to be able to
>> forecast how applying additional money to debt would work out.
>> Thanks,
>> Jesse

Jesse,

Try making sure that the payments from previous months are not being counted
twice in the next month. I had this problem and I corrected it by going to
my register that I pay my bills from and making sure that the first month of
the DRP had counted the bills I already paid.

I don't know how, but the DRP gets confused when you pay bills outside of
the DRP. So, if you have made payments, go to the first screen of the DRP
and change the date to the previous month, click through the DRP, start on
the first screen again and move the dates back to the current month. This
will cause a prompt which you should answer YES to because you have already
made the payments. This will decrease the amount DRP thinks you have for the
current months bills.
--
A person not willing to take risk is also not willing to get reward.

"Jesse Lai" wrote:

> So back to my original question, is there a work around for this problem?
> Jesse Lai
> Jesse Lai wrote:
> > I have an annoying problem with the debt reduction planner that has been
> > around for at least a few versions. I am currently using v2006.
> >
> > If I go into the debt reduction planner, then select base my plan on:
> > what I want to pay each month and enter anything other than the minimum
> > required payment, I get some crazy results for the payment schedule chart.
> >
> > For example, it tells me I need at least $2500 for debt payments. If I
> > put that amount in something larger, say $3000, then for the first month
> > it applies $20,000 to debt and the next month like $10,000. Where does
> > it come up with these numbers? Shouldn't it be limited by the amount I
> > just entered? The only thing that works for me is to enter $0.00 and
> > then Money will show the payment schedule based on the minimum required
> > payments.
> >
> > Is there a fix or workaround for this issue? I'd like to be able to
> > forecast how applying additional money to debt would work out.
> >
> > Thanks,
> >
> > Jesse
>