Each project arrives with its purpose, milestones and first tasks written out. Here is how the first three read.
Full credit card debt inventory
Most people carrying card debt know the total only roughly, and almost nobody can recite every rate, minimum and promotional end date. One table listing every card with its balance, purchase rate, cash advance rate, minimum payment, credit limit and any 0% expiry turns a vague worry into numbers you can plan against. Every other project in this area is built on it.
First tasks
- Write down the name of every credit and store card you hold
- Log in to each card account and copy the current balance and rates
- Add each promotional rate and the date it ends
- Total the balances and the monthly minimums at the foot of the table
Minimum payment direct debits on every card
A single missed payment can bring a late fee, the loss of a promotional rate and a mark on your credit file, which is a high price for forgetting a date. Setting a direct debit for at least the minimum on every card makes a miss almost impossible, so all your effort can go into the extra payments. Do it before changing anything else.
First tasks
- List which cards already have a direct debit and which do not
- Set up a minimum payment direct debit on each card missing one
- Check every collection date falls after payday
- Confirm each card's minimum was collected after its due date @recurring(monthly:3)
Firm stop on new credit card spending
Paying off a balance while still adding to it is like bailing a boat with the tap running. A firm stop means the cards leave your wallet, saved card details come out of shops and apps, and everyday spending moves to a debit card, so every payment you make actually reduces what you owe.
First tasks
- Remove the cards from your phone wallet and your physical wallet
- Delete saved card details from shopping and delivery accounts
- Turn on the card lock in each provider's app where it is offered
- Set your debit card as the default in the accounts you use weekly
