Thanks.... Keep it up! B
On Nov 18, 4:19 pm, Kevin Hoctor <[EMAIL PROTECTED]> wrote:
> On Nov 18, 2008, at 4:35 AM, [EMAIL PROTECTED] wrote:
>
> > I just downloaded a copy of debt quencher and unfortunately found to
> > problems straight away..... These maybe UK specific.
>
> > 1. My credit card does everything in Monthly Interest rates. This
> > needs to be compounded up to make it yearly - someone on the net says
> > multiplying by 13 give a good approximate answer. It would be easier
> > if the software had a pop down next to interest rate to select APR or
> > monthly?!?
>
> Hi Betty,
>
> Many credit cards use a slightly different formula to arrive at your
> interest payment with most compounding daily and not monthly. I'm
> looking at adding some more options to Debt Quencher but primarily for
> loans, which are calculated dramatically different than credit cards.
>
> I'm surprised that there isn't a notation for your APR even if the
> common rate is monthly. The advice about multiplying by 13 is new to
> me and I'll have to do more research to figure that one out.
>
> > 2. My cards have two different rates of interest, 1 for purchases and
> > another for cash withdrawals. You pay a single amount and it get
> > allocated to the lower purchases interest rate first. When this is
> > gone they then allocate it to the cash value. It is not easy to get
> > round this with two entries because of the way the payment works.
> > Again this could be allowed for in the software. It is very common, I
> > think all uk cards work this way.
>
> > Any ideas?
>
> My typical advice on this is to use the higher rate for that card on
> your list. This won't give you a 100 percent accurate calculation but
> it will give you a solid goal for reducing debt. After all, you are
> using a product like Debt Quencher to find the best way to lower debt
> and not to check up on the accuracy of your credit card bill. The
> worst case scenario is that you pay off this card more quickly than
> you had planned, which can be a nice gift.
>
> Peace,
>
> Kevin Hoctor
> [EMAIL PROTECTED]
> No Thirst Software LLChttp://nothirst.comhttp://kevinhoctor.blogspot.com
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