I've been experiencing weird things with debt reduction.
I'm simply trying to enter in a credit card account and
have it tell me when I'll have it paid off if I pay "this
much" money a month towards it. The numbers it gives me
through are not right at all.
For instance, at the beginning I add in a credit card
account that has a balance of $1,057 at an interest rate
of 10.9%. I tell it I want to be out of debt by 05/18/04
with zero one time payments and this is what I get...
"With payments averaging $5.00 and an extra payemtn of $0
you will be out of debt by Mar 18, 2004. With this plan,
you will save $0 in interest charges over the minimum
payment plan, and a $100.00 purchase will cost you
approximately $100.95."
This is obvsiously not correct. No way I'm paying that
off in 3 months with $5.00 payments.
So then let's say I change it to say that I'm going to
pay $400.00/mo, so when will I be out of debt. Then it
stays on Mar, 18 for some reason and gives exact numbers
as to what I'll end up paying..."a 100.00 purchase will
cost 100.95."
What's going on with this? Why won't it give me accurate
information??? Any info would be greatly appreciated.
thanks!