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TD Now Charging Compound Interest on Credit Card Balances

TD Visa has just announced that they will be charging compound interest on overdue credit card bills. What this means is not only will they charge interest on the overdue balances, but they will also charge interest on the outstanding interest. RBC and CIBC have not followed suit with the compound interest charges. This should be a further cautionary note to debtors, beyond the very high interest rates being charged by the banks, that they should be vigilant in paying off the full balance of their credit cards every month, or if the outstanding balance is too large to pay in full all at once, start paying it down as aggressively as possible. If you need some assistance in dealing with large outstanding credit card balances or other debts, don’t hesitate to call us at 204-500-0188 or email for your free consultation.