The average rewards card is designed to get consumers to use more credit. But what if it were the other way around? A new credit card introduced by TD Bank offers an incentive for credit users to lower debt. Instead of giving perks for travel or shopping – which encourages customers to pull out the plastic – this 21.24% APR card offers an interest rate discount for paying more than the minimum each month. In theory, consumers will have more reason to save their money for paying off debt, say Atlanta bankruptcy attorneys. Most folks make minimum payments because they don't want to part with more cash than they have to each month. Typically minimum rates are less than 5 percent of the balance – barely enough to cover interest, and certainly not enough to significantly lower debt. But every time you pay between 5 and 9.9 percent of your balance with the TD Bank card, your interest is reduced by one-quarter the next month. When you pay more than 10 percent, it's cut by one-half. Paying off more of your balance is a win-win – you reduce your interest obligation, and you get out of debt faster. That said, paying down debt could still take quite a while, especially if you're adding to your balance as you pay down 5 percent here and 10 percent there. If debt is running your life, you probably need a faster ticket out. Bankruptcy can often be that ticket. Filing for bankruptcy can eliminate or discharge debt so you don't have to turn your paycheck over to creditors every month. Meanwhile, the right plan can protect you against foreclosure and repossession. Wondering if bankruptcy could give you that fresh financial start you've been praying for? Find out for free with a personal debt analysis courtesy of an Atlanta bankruptcy attorney. Because the best kind of rewards plan is the one with no interest at all.
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