What should I do if I owe money on a credit card and still cannot pay it back?

The solutions to the problem of owing money on a credit card that has not been paid for many years include:

1. Borrow money from relatives and friends to make up for it temporarily. If the vulnerability is only a temporary situation, you will soon have enough funds; then you can borrow some money from relatives and friends, and then return it to them when the funds are in place.

2. Apply for deferred repayment. When emergencies occur, such as illness, hospitalization, unemployment, etc., you can contact the bank’s customer service. Just tell customer service your true situation and then apply for a deferral of repayment.

3. Apply for interest-free installment repayment. When the situation is serious and repayment is relatively more difficult, you can contact the bank’s customer service. Provide relevant materials to apply for suspension of interest payments and repayment in installments.

4. Negotiate with the bank to reduce or reduce credit card debt. If negotiation fails, you can use judicial authorities to reduce or reduce credit card debt.

What to do if you cannot repay the money you owe to a credit card

The solutions to the problem of being unable to repay the money you owe to a credit card are as follows:

1. If you are temporarily unable to repay the debt, you can contact the creditor Negotiate installment repayment, deferred repayment or debt reduction;

2. If the other party does not agree to defer or reduce debt, the debtor must actively respond to the lawsuit and strive to achieve installment repayment in court. Or the purpose of repaying within a time limit;

3. If the other party does not agree to postpone or reduce the debt, the court will not support it and will repay all the debt within a time limit. If you are able to repay but refuse to pay, the creditor can apply for enforcement. However, compulsory execution will not lead to imprisonment, because civil liability does not involve criminal issues;

4. If the debtor really has no money to repay:

(1) The execution officer knows that the party concerned It is impossible to execute without money;

(2) If the party has money and refuses to return it, the person can be arrested, including judicial detention or criminal liability for refusing to fulfill an effective judgment;

5. The people follow legal procedures and clarify specific execution contents based on legally effective documents, forcing civil obligors to complete their obligations to ensure that the rights of obligees are realized.

Legal basis: Article 678 of the "People's Republic of China and Civil Code"

The borrower may apply to the lender for an extension before the expiration of the repayment period; loan If the person agrees, it can be extended.

Article 214 of the "Civil Procedure Law of the People's Republic of China"

For cases retried by the people in accordance with trial supervision procedures, the legally effective judgments and rulings are If the judgment or ruling is made by the first instance, it shall be tried in accordance with the procedures of the first instance, and the parties may appeal against the judgment or ruling made; if the judgment or ruling that becomes legally effective is made by the second instance, it shall be tried in accordance with the procedures of the second instance, and the judgment or ruling made by the party may be appealed. A ruling is a legally effective judgment or ruling; if the people at a higher level bring the case to trial in accordance with the trial supervision procedures, the case shall be heard in accordance with the second instance procedure, and the judgment or ruling made is a legally effective judgment or ruling.

When the people hear retrial cases, they should form a separate collegial panel.

What should I do if my credit card debt is too high?

First of all, congratulations! Excessive credit card debt shows that in the eyes of the bank, you are a valuable and honest person!

Secondly, since you asked this question, it means that you don’t have much money in your hands right now and you don’t have the ability to pay off your debts! Then, I will give you some advice from the following aspects!

The first is to keep your credit card limit first. To do this, you need to spend some time. First, sort out the credit cards under your name as a whole! Then modify the billing date, stagger the credit card billing time, and reserve sufficient time for returning the card later! The second is to lower your credit card bill the day before the bill is due. Use this method to reduce your credit card debt first!

The second is to make money. No matter how big or small it is, now it is money that will cost you your life! Put down your dignity, do more jobs, and earn an extra income of even ten yuan!

Third, sort out your good friends, confess to them and agree on a repayment time, see if you can borrow some money without interest, and clear off your credit card debt!

The fourth is to confess to your family and relatives that if you can help, don’t be surprised if you can’t!

The fifth is to stop applying for credit cards, online loans, etc., and limit your debt to the credit card you have now!

The sixth is to gradually cancel the small-limit credit cards in your hand, and cancel the credit cards with the same permissions! Showing your credit conditions will dissuade the bank from reducing the limit of your large-debt card and buy you more time to pay off your debt!

To summarize: Although credit cards are good, don’t be greedy for too much!

Excessive credit card debt is a headache and distress for many people. There are reasons why credit card debt is too high. Let’s find out the reasons first and then look for solutions.

First of all, the basic reason is the high total credit limit. Every credit card has a certain limit, and there are very few credit cards without a limit. It wouldn't be a credit card without a limit. After all, no one wants to use a card with no limit and annual fees. Then the size of the credit limit determines how much you can consume. If the limit is relatively low, it is unlikely that your debt will be too high even if you have time to spend. This is possible only if your total credit limit is too high. This shows that having a credit card limit that is too high is not necessarily a good thing. When applying for a credit card, cardholders may resent the low limit and complain about difficulties in repaying the credit card. Therefore, we must consume rationally and within our means. This is the correct way to use credit cards.

Secondly, income levels cannot keep up with the speed of consumption. When we apply for a credit card, one of the important information to fill in is how much your annual salary is, which is directly or indirectly related to your credit card limit. Some people just like to exaggerate. Their annual income is clearly less than 50,000 to 80,000, but they write it as 100,000 to 200,000. In this way, it is easy for the bank to make a misjudgment when reviewing your information, thinking that you belong to a high-spending group and increasing the limit. Although your demand for credit is temporarily met, it also leaves a time bomb for later repayment difficulties. The bank's approval principle is also very simple, that is, the income level and repayment ability are at the same level. This ensures that the bank's bad debt rate is within control. Once this balance is broken, both parties will be harmed. If you don't make the payment, various interest or handling fees will be terrible. If you don't even make the minimum payment, the bank will report it to the central bank after the due date, which will affect your credit record.

After we know the reasons why credit card debt is too high, we will have corresponding methods to prevent and deal with this problem.

Method one is to pay the credit card bill in installments. Bill installment is currently an effective solution. If you can afford to borrow money from friends or family and fill the gap on your credit card, that would be the best, at least you won’t have to pay interest or fees. If you can't, then please instal your bill immediately. Generally, banks can divide the bill into 3 to 36 installments. No matter what, installment is also a way to reduce the pressure of repayment.

Method 2, pay the minimum payment on your credit card. This method can only relieve a temporary emergency. If you pay the minimum payment, the bank will charge you full interest and late payment fees. But if you have enough funds to make up for it in the short term, the next installment can be paid off in one lump sum.

In this way, you don’t have to pay monthly handling fees like installment repayment, which is also a trade-off.

Method 3: demolish the east wall to make up for the west wall. This method is currently preferred by most people. In other words, the bill on this credit card is paid with money from another credit card. It is precisely because you are like this that you will be very tired. You need to remember the billing date and repayment date of this card every month. Then think about how to get the money from this card to that card. As a result, I kept getting into debt again and again, and I paid a lot of handling fees.

Method 4: Increase revenue and reduce expenditure. There is as much suffering as there is romance, and those who come out to have fun will always have to pay back. Remember all the affairs of the past, and then tighten your pants and live a good life. Increase your income, reduce expenses, and pay back as much as you can. You can clear your high credit card debt in three or four years. This is our most effective solution, everything else is temporary.

Hello, card friends.

Lao Li answered in two aspects:

Without applying for a loan or credit card,

excessive debt has no substantial impact. High is high. It doesn't matter.

When applying for credit cards, housing consumption loans, and operating loans

If the debt is too high, if the absolute value is too large, the impact will be: credit cards will not be approved, and mortgage loans will not be approved. Approval, operating loans are not approved.

Of course, this situation is quite extreme. In reality, it will indeed affect the approval of credit cards, mortgages, and operating loans. But it is not absolute and has a lot to do with personal circumstances and personal qualifications.

With an annual income of one million, this debt may not be a big deal.

If you earn 100,000 yuan a year, it may have an impact.

Solutions:

1. If you apply for a mortgage,

you can make zero bills suddenly and reduce your debt in a short time, which is very effective.

2. If you apply for an operating loan,

your personal business situation is more important. If the business is good and the debt is slightly higher, the impact will not be big.

3. If you apply for a credit card,

with multiple lines and high usage rate, the card limit may be relatively low or the application may not be approved.

The final solution to the problem is: 1. If your personal qualifications have not improved, you will have zero credit card bills for a long time.

2. Improve personal qualifications and reduce liabilities.

This problem may be overcome when the source of income can be guaranteed in normal times, but it has become particularly prominent during this epidemic.

If your source of income is suddenly interrupted, and if you still have a lot of credit card balances, life will become difficult. Although you may meet the conditions for deferred repayment, the bills that are due will always come, so you still need to think about countermeasures in advance.

1. Installment repayment

First of all, you can consider whether you can repay in installments. Although installment repayment can reduce the repayment pressure of each period, its impact is also continuous. Therefore, after applying for installment repayment, you need to make arrangements for the repayment plan for each period to avoid greater repayment pressure due to the accumulation of later consumption.

2. Temporary borrowing

Secondly, temporary borrowing can be considered. In fact, it is not easy to borrow money from relatives and friends. Generally speaking, one will not speak unless absolutely necessary. Of course, the circumstances of this epidemic are special and excusable. Moreover, such behavior can only be done occasionally. After all, borrowing money relies on personal credit. If one day you are overdrafted, it will be difficult to turn around. Moreover, borrowed money must always be repaid. When borrowing money, you also need to make a later repayment commitment and plan, and strictly follow the plan.

3. Increase income

Furthermore, you can consider increasing sources of income and developing your own income channels. The amount of consumption must be matched by the amount of income. For example, due to special reasons such as the epidemic, income channels have been interrupted. If there are multiple other sources of income, then there will be no need to pay off the credit card.

4. Live within your means

Finally, and the most fundamental issue is to live within your means and strictly make a personal consumption plan. Make a personal income and expenditure statement, as well as a credit card repayment plan. We must resolutely control consumption that exceeds our income capacity.

Uninstall some shopping software, cancel a few credit cards that are not used much, control the urge to spend, start keeping accounts and analyze your own expenses, you may be able to reduce unnecessary debts and make life slower. Slowly return to simplicity.

According to data released by the central bank, as of the end of the third quarter of 2019, the number of credit cards and debit and credit cards in my country was 734 million, a month-on-month increase of 3.25%. The average number of credit card and debit and credit cards per capita There are 0.53 cards, which is a huge increase compared to 0.13 credit cards and debit cards per capita 10 years ago. So many people have credit cards, and many people hold more than one credit card. Credit cards are really very convenient to use. , do not repay immediately, there is also an interest-free period, during which the funds can be used for investment, and then repay the credit card debt when the repayment is due. However, many people do not plan for subsequent repayments and consume in advance, and It does not match their income. This concept of advance consumption makes many people have really high credit card debt. What should they do?

Credit cards are tools issued by banks for early consumption. If they are overdue, personal credit reports will be filed. Personal credit reports are a great deterrent to us, because if personal credit reports are overdue, it means When we go to a financial institution to apply for a loan, the best case scenario is that the interest rate will be adjusted and the amount will be reduced, but the worst case scenario is that we are not even qualified to apply for the loan. I have always believed that good credit is very important, and I Lessons were also learned from it.

When I bought a house in 2013, because my credit card was overdue, 15% off the mortgage interest rate was standard at that time. However, several banks did not approve the 15% off interest rate because my credit card was overdue many times. So the commercial loan I applied for only had a 10% discount, which meant that I paid off an extra 70,000 to 80,000 yuan on my 30-year mortgage, which was an extra 200 to 300 yuan a month.

What should we do if we currently have a lot of credit card debt and don’t want to affect our credit score?

Method 1: Pay the minimum repayment, but the credit card is

Credit card repayment regulations, if you repay the minimum repayment of the credit card for the current period, the current bill will not be included in your personal credit report. The minimum repayment amount is generally 10% of the current credit card bill amount.

Method 2: Credit card bill installment repayment

Credit card bill installment means that the cardholder makes a request to the card-issuing bank by phone or other means after swiping the card for consumption and before the due repayment date. It is an advance consumption method to apply for payment of consumption amount in installments. You can apply for bills that have been issued and bills that have not been issued. Now many banks are promoting credit card installments, so it is better to apply.

The monthly interest rate for credit card installment is 0.6%~0.9%, and the annual interest rate is 7.2%~10.8%.

Comparison of credit card billing installments and minimum repayments

Both billing installments and minimum repayments can avoid going to the credit bureau and spread the current debt to subsequent months. If the debt is too high, it can be amortized over time, but under the premise that the subsequent debt cannot be too high, it will become a bottomless pit.

The disadvantage of the minimum repayment amount is that you cannot enjoy the interest-free period. The daily interest rate is 5/10,000 and the annual interest rate is as high as 18%. From an interest rate perspective, it is much higher than the credit card bill installment. Comparing the two, I recommend using credit card bill installment.

Method 3: Make a temporary loan with relatives and friends to pay off the credit card debt.

In order to prevent your credit card from being overdue, you can first borrow money from relatives and friends to pay off the current credit card, but in this case, someone must be willing to lend it.

In summary: If the credit card debt is too high, you can spread the current debt to subsequent months through credit card installments, spread the debt over time, and reduce the monthly repayment amount, but if It is of course better to have relatives and friends who can lend you money to pay off your credit card, because this way you don’t have to pay interest, and you need to pay handling fees for credit card installments.

There are methods and techniques to treat the symptoms of excessive credit card debt, but to eradicate the root cause, only by making money and making the number in your savings card infinitely larger can the problem of excessive credit card debt be completely solved.

Let’s talk about temporary solutions first.

The statistical caliber of credit card debt is based on the amount consumed before the bill date. For example, if the bill date is the 10th of each month, then the statistical caliber is from the 11th to the 10th of the following month. In between consumption and repayment, the amount obtained after adding the two is the bill amount for this month, and the total amount is the liability amount.

If you want to reduce the apparent debt on your credit card, you can reduce the debt on your credit card by paying it back on the billing date or the day before. If you continue to do this, it will appear in the central bank's credit report. I see your debt is very low. Accumulated for 6 months, it is the 6-month average debt ratio.

But this can only cure the symptoms, it just looks good in numbers, and it will also reduce the utilization rate of your funds and increase the cost of withdrawing your cards. The gain outweighs the loss.

Before the second-generation credit investigation was launched, bill installments could reduce liabilities, but the second-generation credit investigation has circumvented this problem, and bill installments cannot reduce apparent liabilities.

Let’s talk about the ultimate method. This is very real. It is to make money, make money, and use the money to fill up the credit card debt limit, thereby actually reducing the debt. If you want Reduce debt once and for all. This is a temporary and fundamental solution. Everything else is useless.

What should I do if my credit card debt is too high and I want to apply for a large-value card?

The card dealer tribe found that many people have applied for too many credit cards due to various reasons, resulting in excessive debt. So what should you do if your credit card debt is too high and you want to apply for a large credit card?

The card dealer tribe believes that credit card debt is too high, and it will be difficult to apply for a new card. Not to mention applying for a large credit card. Because the first step we need to do is to reduce our credit card debt.

If you have a large number of credit cards and have used up a lot of credit card limits, you want to reduce your debt ratio. The card merchant tribe recommends choosing credit card installments for large purchases. That is bill installment. For example, if your debt is 100,000 yuan, divided into 12 installments, then your debt will be 1/12 of 100,000 yuan. If it is divided into 36 periods, which is 3 years, that is, the debt of 100,000 is divided into 36 parts, and you only display one of the liabilities. This way you can hide your debt.

The card merchant tribe suggests that you can also repay part of the debt before the bill date. Once the bill comes out, the debt limit will appear small. This effectively reduces the debt ratio, and you will not be troubled by debt when you apply for a large credit card.

Pay off the debt quickly, and then cancel the card immediately.

Let me share with you the actual method:

_The credit card limit usage rate is within 50% to 70%. For example, the total number of credit cards is 200,000, and 100,000 to 140,000 are used; (Credit less than 50% is not called high debt)

In this case, replacement is required:

1. Credit card installments are usually divided into 10,000 yuan, and each installment only pays the handling fee (interest) More than 70 yuan. The principal amount is 833 yuan for 12 periods.

2. Cash withdrawal, similar fees. For a general credit card limit of 10,000 yuan, you can withdraw 5,000 yuan in cash.

3. The loan behind the credit card: For example, GF's "XXX loan" is usually more than 8 cents, and F loan is 1.2 cents.

4. The rate I use for flashing POS machines is five thousandths.

In the above situation, I usually use 4 to flash the POS machine. The cost is low and the monthly repayment pressure is small.

_The credit card usage rate exceeds 70%.

In addition to using POS machines, it is recommended to match the method 1 installment. If the limit is too full, please use step 3 to use the loan attached to the credit card.

Reminder: Never order small amounts or online loans!

(The above are the methods used by individuals, for reference only)

Advice: After you obtain the above methods, please make money and pay back your credit card, that is the best strategy!

If your credit card debt is indeed too high, it is recommended to make a list of liabilities and arrange a repayment plan based on your income to avoid excessive consumption.

That’s it for the introduction of what to do with credit card debt.