There are two methods available to update debt balances:
- Track a transaction directly on the debt
- Manually update the debt
1. Track a transaction directly on the debt
Read how to track transactions here: How to Track Transactions. Doing this will automatically update the balance of the debt accordingly. You may need to refresh your budget for the change to reflect properly.
2. Manually update the debt
Simply entering the payment will not keep your debts in sync with what you actually owe. Banks and creditors charge fees and interest on debts which will require a balance update to reflect those interest charges.
Here's how to manually update the debt on the computer version of EveryDollar at everydollar.com:
- Start on the main Budget page.
- Click the debt item in question. This will reveal a detail window on the right side.
- Locate Debt Details and click Edit to reveal fields available to edit.
- Edit your debt as necessary.
- Click the blue Save button.
If you see an exclamation point next to your debt item, this is likely showing as a reminder to update any interest or fees that have been charged to the debt account.