eMoney Tip of the Week: Best Practices for Credit Cards in eMoney

To illustrate a paydown plan for credit cards, enter a fixed number of payments equal to your strategy. If:

1. The debt is currently revolving, enter 99 annual payments
2. If the client pays off the debt every month, enter a 0.00% interest rate and a $0.00 payment
   Note that for credit cards, the original loan amount and date of loan fields are grayed out.

To enter credit card information into the Fact Finder:

1. Under the “Tools” menu, click “Add Data for All Tools”; this will take you to the Fact Finder page
2. On the Fact Finder, select “Liabilities” then “Loans”; here, you can add a new loan amount manually or the clients linked liabilities will
3. Under the “Basic” tab, the number of payments will default to one; if you and the client have created a payoff strategy, enter the number of payments until completion. If the debt is revolving, enter 99 in the payments section and change the frequency to “Annually”
   Note: The start date of a linked liability is the date that the account was first established in eMoney; it’s important to update the start date and the actual inception of the loan.

In the “Reports” area, under “Worksheets and Schedules,” you can find an amortization report that shows your clients debts being paid down over time.

Questions? Give us a call at 888-362-8482 or send an email to customerservice@emoneyadvisor.com. And check back next week for more eMoney Advisor tips!