How to cancel a App Store payment?

I recently tried to buy Wipeout on my iPhone using the App Store, and my card declined the purchase because I happened to not have the funds to buy it. And now whenever I even try to UPDATE my current apps, this popup keeps asking me to confirm my payment method - and it has me stuck, how do I stop this? How can I cancel it out?

Http://www.apple.com/support/mac/app-store/

No way - your account is blocked now. Add an new card or reconfirm old card to proceed forward.