You can do a TD Bank balance transfer. This is one way to pay down some of your credit card debt without having to file bankruptcy. Bankruptcy should only be used as a last resort for debtors whose debt is mounting due to missed payments. If you are able to come up with a viable plan to pay your bills on time, without incurring additional debt, then consider making a TD Bank transfer.
TD Bank currently offers five popular credit cards. Two of them feature an 0% introductory APR for balance transfers made in the third quarter of each year. When comparing these cards, take into consideration the amount of interest you will accumulate on the transferred balance and the scheduled interest free term. You will also want to factor in how long you plan to keep your new card active.
A second popular option for people considering a debt consolidation or TD bank balance transfer offer is the credit line transfer to a traditional savings account. Some people prefer to open a separate checking and savings account so that they can maintain two different accounts. However, many people find it inconvenient to keep track of two different accounts. If you would prefer to transfer your balances to a traditional savings account, consider opening up a debit card for instant access to your money.
The third option available for use with a TD bank transfer is the debit card with a limited credit limit. You should make sure you do not exceed this credit limit. If you do, you will have to pay the applicable balance transfer fees. If you decide to use the debit card for purchases, be sure you have enough in your checking account to cover the purchase before the end of the day. This way, you can avoid the possibility of overdrawing on the debit card.
When you are working to establish a budget and reduce your out of pocket expenses, you should also take a look at the best balance transfer credit cards in the market. You may have concerns about how much interest you will pay when you choose a low rate card or if you will pay too much interest on a high interest rate card. If you find yourself tempted by the introductory offers, call the customer service number provided on the offer and speak to a representative. Find out exactly how much interest will be charged on the credit card balance transferred to the new card. Then compare that figure to the lowest balance transfer fee and other charges that you will need to pay. You can also check the terms and conditions of the new card to see if you will need to pay an annual fee to maintain it.
If you decide to move your balance to another credit card, it is a good idea to transfer all of your debt to this new account before you take the first step to apply for a balance transfer credit card. This will make it easier for you to get all your debts under control at once and to begin paying off the debts that you owe. However, if you cannot do this because you already owe money on one or more credit cards, the best balance transfer credit cards in the market do not require a balance transfer fee. They are simply a cash advance product that allows you to instantly get the cash you need in order to solve your immediate crisis.
Another way that you can get help with balance transfers is to look for one that does not charge a fee for the first 30 days of use. These introductory offers are likely to end quickly, so if you really want to get a lower interest rate you can transfer as much of your debt as possible before the introductory period ends and then transfer that money to another low or no rate credit card. If you use this strategy you can get the best balance transfer credit cards in the market while saving money on interest payments during the period when the interest rates are lowest.
The last way that you can benefit from these introductory offers is to use them to pay down as much of your credit card debt as possible while still taking advantage of the special offers to get more benefits and lower fees and charges. If you transfer the balances of all of your credit card debt onto one low or no interest card, you will immediately eliminate a lot of your interest charges each month while making your payments more affordable. You will be able to get the best balance transfer credit cards in the market while still saving money each month. It is possible to find cards with as low as 0.50% APR.