How to Get Rid of GM Card Debt

by Eliana Kalsky

Overview

The GM card is a revolving credit card offered by General Motors. It is often offered to buyers of GM vehicles as a way to finance the purchase. It is advertised as having no annual fee and a 0% introductory APR. As with any loan or credit card, paying it off can be a challenge, but it is possible if you take the time to look at your spending and make the commitment to do it.

Step 1

Look at your current budget and compare what your are earning versus what you are spending. This will give you an idea of what you need to put aside for your bills, such as housing, utilities, insurance, and groceries.
Step 2

Determine what you can do without. Cut out the lattes, movie nights, and designer clothes. Although this may sound harsh, it is important that you prioritize your spending. Make sure, however, that you are setting aside some money to put into savings each month.
Step 3

Consider how much you earn. What is your income compared to what you need to spend each month? What is the difference? Subtract the amount you spend from the amount you earn to get an idea of how much spare cash you have each month.
Step 4

Look at your most recent statement to note the balance of your GM card. If you can't find your statement, call the number on the back of your card. A customer service representative will be happy to provide you with the information.
Step 5

Decide how much you want to pay each month toward your GM card balance. Remember, if you want to pay off the balance, you will need to pay more than just the minimum amount that is due. Write out and send a check or pay it from your bank account online. If you can pay this amount every month, set it up as a direct debit from your account.

3
Consider taking a second job to earn some extra money each month, so that you can pay off your balance more quickly.
Consider taking a second job to earn some extra money each month, so that you can pay off your balance more quickly.
Once you've paid off the balance, cut up the card or put it away somewhere to stop you from being tempted to use it for more purchases.
Once you've paid off the balance, cut up the card or put it away somewhere to stop you from being tempted to use it for more purchases.