June 2009 Release: New Feature in Beta – Debt Center!
We rolled out an update this month to all of our users with a new beta feature that will help you manage your debts and create a plan to pay them all off!
NEW FEATURE - The Debt Center:
Last month we mentioned that we had made significant headway on a new feature, and we are excited to announce that the Debt Center is here! The Debt Center will help you list your debts and make a plan to pay them all off. It’s more than just a debt calculator; it’s a “living” debt calculator. Because it’s part of your envelope money management system, after assigning your transactions as you normally would, you’ll be able to see progress and updated calculations within the Debt Center.
• Debt Roll-Down Plan
The Debt Center uses a roll-down principle that will apply the planned monthly payment of a debt, once its paid in full, as extra payment to the highest priority debt in your list. This debt roll-down plan will pay off your debt a lot faster than just making regular payments and then reallocating the money to some other area of spending once each debt is paid off.
• Extra Debt Payments Envelope
When you add your debts to the list, an “Extra Debt Payments” envelope will automatically be created for you. By making the minimum planned payments on all the debts in your list and then applying as much extra income to the Extra Debt Payments envelope, you will be able to accelerate your Debt Roll-Down plan even more! What’s really great is how this envelope will automatically redirect the money placed in it to the appropriate envelopes associated with your debt accounts.
• Beta Feedback
We would love to hear any feedback that you might have on this beta release of the Debt Center. Just click on the “2 Cents” icon in the top right corner of the Debt Center window and send us your suggestions!
To learn more about this feature, click on the support icon within the application and search for the keywords “Debt Center.”
Dan
17. Jun, 2009
It sounds interesting. I look forward to playing with it once it handles mortgages as I don’t have any credit cards.
Ricky LeBlanc
21. Jun, 2009
Great addition! I used the same principles to pay off all my debt and I am now working on my mortgage. This will be very helpful for others working on eliminating their debt.
Jay
21. Jun, 2009
I am ready to use it to pay down my school loans. How soon will the loans an mortages functionality be online?
duncan
22. Jun, 2009
Dan… unless you have multiple mortgages, I’m not sure there would be a point to this feature for you.
Ross
24. Jun, 2009
When will this be updated to include all types of debt (mortgages, loans, etc), not just credit cards?