|Debt Name||Name you want to use to identify this debt. (No personally identifying info or account number here please)|
|Debt Amount||Current balance of this debt|
|Interest Rate||Current annual interest rate of this debt (Ex: 0.1999 indicates 19.99% interest rate)|
|Minimum Payment||Identify the mimimum amount to be paid on each period to this debt.
This can either be a percentage of your debt amount or a fixed amount.
If you enter an amount lower than 1, it will be considered a percentage of your debt amount.
If you enter an amount greater than or equal to 1, it will be considered a fixed amount.
Ex: 100 means $100 per payment period while 0.035 means 3.5% of your principal
|Flexible Pmt||If this box is checked, you are allowed to change the payment amount.
If unchecked, the mimimum payment amount entered will be considered a fixed payment amount per period.
In other terms, when the Flexible Pmt checkbox is checked, even if you have extra money remaining in your Money Bag, it will not be applied to this debt as it is a fixed monthly payment.
Ex: A car loan or a mortgage have fixed monthly payment agreed with your lender while credit cards allow you to pay off any amount equal to or above the minimum payment required.
|New Spending||You can enter a monthly recurring amount being added to a particular debt.
For example, you might have monthly fees of $20 from video streaming and $120 added from your car insurance payment.
You would then enter $140 in this field. This amount gets added to your principal prior to determining payment amount each month.
|Pay First||Sometimes, there is this one particular lower interest debt that you just want out of the way.
If this box is checked, this debt will have higher priority to be paid first over other debts.
If you check this box for multiple debts, the sorting will be applied to the "Pay First" group first and then to the other group of debts.