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 LLC http://nothirst.com http://kevinhoctor.blogspot.com --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
