Video: How To Create a Debt Reduction Plan in Quicken
Reducing Your Debt with Quicken 2015
Quicken’s debt reduction tool can help you create a personalized debt reduction plan so you can manage your debt payments in one place, save on interest payments, and work toward a debt free future.
You can set up a debt reduction plan in just three simple steps.
First, select the debts you’d like to create a plan for.
Quicken includes your credit card debt automatically, but you can add other debts, such as an auto loan.
If one is missing, just click "Add an Account" to include it.
Once you have selected all the debts you want to pay off, click "Next."
Second, enter the interest rate and minimum payment amount for each of your debts.
If available, Quicken will automatically enter the numbers for you.
To find your interest rate, check your latest account statement.
Click “Next” and Quicken will chart your payoff date based on your minimum payments and interest rates.
You can change the minimum payment amount by moving the slider to see how you can get out of debt sooner.
Quicken will also calculate how much money you could save in interest payments.
If you’d like to get a head start on reducing your debt, making a one-time contribution on top of your monthly payment can help you shorten the timeline.
Third, decide when you’d like to start your payments and click “Next” to create your personalized debt reduction plan.
That's it! Your dashboard displays your payoff dates and payment schedule for each of your accounts.
You can print your schedule to see your payments over the next twelve months.
Once you start making payments, Quicken’s debt reduction tool tracks your progress against it.
If you want to change your debt payment plan, recalculate your payoff date, or change the amount or order of your payments, just click "What If."
Make the appropriate adjustments and click "Update My Plan" when you're finished.
By creating a debt reduction plan, Quicken will help you stay on top of your finances and guide you step by step toward a debt free future.
For additional videos on how to use other Quicken features, visit Quicken.com.