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Playing The Credit Card Cycle Game

Using a debt management solution you can negotiate lower interest rates and achieve lower monthly payments without damaging your credit.

Here is the credit card cycle game in a nutshell: We make the minimum payments while we continue to use the cards. Our balance goes up, while our minimum payment does not. Depending on the situation, our interest rates may go up (rarely do they go down), and voila - the game continues. Of course, this scenario does not account for late payments or other fees that may strike at an inopportune time, which can add up. So how do you break the cycle through credit card debt management?

Do not play by their rules. A good start to breaking free would be to realize that they have you over a barrel. Next, it is time to do something about it. The only way to get a different result and take control of your finances is to do things differently. Here are the four top credit card debt management actions we have seen make a difference in our clients' lives:

Empower yourself and stop using the cards. It sounds harsh, but you can not expect to pay down your debt by adding new debt to the old. It may mean changing your lifestyle a bit, but if you are serious, you will be able to work it out.
Get tough and get organized. Determine what you owe on each card. Include them all and write them down so you have a visual. Determine which balances are the highest or have the highest interest rates. These are the ones you will want to target first.
Start building your budget. Write down what you make and what you owe. A 30 day scenario is best. This way you will know what you have to work with. Use our budget calculator to help you build a financial report you can print out and reference every month.
Determine your target cards and maximize your monthly payments. Start with your highest bills or the bills with the highest interest rates first. Paying 3-5% more than the minimum towards the higher bills will enable you to gain a foothold - paying toward your principle and not just the interest. This is when you will really start to see an impact.

Work to get your interest rates as low as possible so that more of each payment is paying down principle each month. In some cases, you may be able to negotiate directly with a lender for a better rate. It is certainly worth a call. However, if you unable to obtain a better rate on your own, please call GFM at 1.866.467.1259 - we can help you achieve your credit card debt management goals. Lowered rates are only one of the benefits you will receive from our proven debt management program.

Feel the satisfaction of staying strong. Once you have paid off one credit card, and you have seen the results, it will be easier to pay down the next one using the same formula. You will then feel the gratification of achieving your goals and the empowerment of living your life debt free. What's a better feeling than that?

Break the rules and break the cycle - start achieving your credit card debt management goals today! Need help? Call GFM today at 1.866.467.1259 .