I personally think that credit cards are a commonly used way for modern people to make purchases in advance, but if you are not sure about your ability to repay, it is not recommended. The reasons are as follows:

1. Overdue credit cards are more personalized During the installment repayment period, you can no longer apply for any bank credit card, and new loans from financial institutions will not be approved. Only by paying off the debt and waiting for another 5 years for your credit report to automatically return to normal can you apply for credit again.

Second, on the credit report, the status of the credit card shows that payment is stopped, and it is overdue every month. That is to say, the credit card is frozen, and you can only pay back the money, and you can no longer make purchases with the card. .

Third, after reaching a personalized installment repayment agreement, you must complete the repayment on time as agreed. If it is overdue again, it will be very troublesome. The bank will recover the penalty interest caused by the overdue payment, require full payment, or directly Prosecution.

Summary:

Personalized installments can help cardholders pay off their debts as soon as possible, but it is still very harmful to the credit report. The cardholder’s credit report will be recorded For people with such credit records, whether they apply for a credit card or a loan, they will be rejected immediately. After paying off the debt according to the prescribed installment period, it will take 5 years for the credit report to be restored.

An analysis of the demand conditions and pros and cons of personalized credit card installments. The important thing is that cardholders must pay off each installment in full and on time in accordance with the agreement. If overdue occurs again, suspended collections will come back. Interest will also start compounding again, and the bank will not give a second chance to negotiate and will require a one-time repayment of the debt, and the consequences will be even more serious.