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Get Off The Credit Card Hamster Wheel

February 10, 2016 Ever sit and watch a hamster scurry around on one of those wheels? Those little guys run and run…but they just don’t get anywhere. Which is just what happens if you only make a minimum payment on your credit every month. Sure, it feels like you’re moving forward, but you’re really just spinning your wheel. Get yourself off that wheel in three easy steps! 1. Make the switch to a lower-rate credit card. All credit card rates are not the same and even a few percentage points can make a big difference. What interest rates are you’re paying on each of your credit cards? How do they compare to other options? Did you choose your card so you could get things like frequent flier miles and cash back? Those cards tend to have a higher interest rate, and if you’re not paying them off each month, those “rewards” might actually cost you money.   Compare your current rates to a —chances are good that Summit’s card has a lower rate than what you’re paying today. And it’s so easy to switch. 2. Use online banking to make a credit card payment every time you get a paycheck. As soon as that paycheck hits your account, send a chunk of it off to pay down your credit card. Poof! The money is gone before you even got a chance to think about it (right?). Plus, you’ll have the thrill of watching that credit card balance go down, down, down with every paycheck. 3. Make a debt payment plan. You didn’t get into your current credit card situation overnight and it might take a little while to get out.  Don’t get discouraged! Make a plan! If you have multiple cards, start with the one that has the lowest balance and focus on paying it off. Then, take the money you were using to pay off that bill and apply it against the next card until that one’s paid off. Keep going until you’re credit card debt free! Sure, these three steps take discipline—but we know you’ve got it in you! Get moving—really moving—toward a better financial future today! Smart money tips brought to you by  , Summit’s exclusive financial wellness program. You might also be interested in Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Strengthen your credit and learn about the new changes happening to your score. Here’s everything you need to know. Sometimes having a little extra cash is the only thing between you and your dreams. Check out these financial tips to be smart about borrowing money and avoid common mistakes. With so many credit card options out there, it can be difficult to choose one that's right for your finances. Here are the do's & don'ts of credit cards to help you decide! Did you resolve to make this the year you took charge of your finances?  It’s crazy to think that the year is almost halfway over, but, hey, it is! Which means it’s the perfect time to take stock of how you’re doing on managing your finances. Credit cards can be a great way to stretch your money until payday and a handy way to buy online. (And who doesn’t love to watch their credit card rewards pile up?!?) Ready to get out of credit card debt — or avoid it in the first place? We’re here to help. There’s no better place to borrow than Summit – in the entire U.S.! Here’s the proof. Did you know Summit gives you more value than any other credit union in the U.S. when it’s time to borrow money? Is “your baby” about to leave home? Whether that has you mooning over their old first day of school photos or plotting how to repurpose their bedroom (or, maybe, both) there’s one topic you need to tackle now: smart spending. Did you resolve to do a better job with your finances in 2018? Good for you! We know you can do it! To help, we’ve come up with a catchy name — your Money Smart Year (don’t you feel inspired already?) 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