Can I only pay off the principal of my credit card debt?

Yes. The prerequisite is that a repayment agreement must be signed with the bank's local business department. Otherwise, after a few months of repayment, you will find that the interest and handling fees have not been reduced at all. It will be very troublesome to negotiate with the bank platform for repayment, and you will suffer a big loss and cannot change it.

I currently have ten credit cards with a total debt of 600,000. Among them, three of the consumer cards have been paid off, and four are overdue, with a total of RMB 400,000. The rest can only be maintained first without installment. Among the overdue cards, Everbright, Communications, and Shanghai Pudong Development Bank have all signed agreements to repay only the principal in installments. The installments are divided into 60, 48, and 36 installments. However, CITIC is difficult to negotiate and requires me to repay the principal of 10 first. Am I overdue for the money? Still under negotiation.

The key point is that after negotiation - you must sign and return this agreement! In this way, you will repay according to the agreement plan, and you will not suffer a loss by blindly repaying.

If you are unable to repay your credit card overdue, you can approach the bank to negotiate repayment. Customer service said that someone will contact you, which means that the bank has entrusted the collection business to a third party, and the third party said that it will only repay the principal. It is possible, but it does seem a bit unreliable for a third party to directly make such a commitment. It is best to reconfirm with third-party companies and banks.

The consequences of overdue credit cards

As people’s consumption concepts become more and more advanced, a series of products such as credit cards, Huabei, and Baitiao have been welcomed by many young people. People often do not have a healthy concept of consumption, and the final result is an overdue credit card. So what are the consequences of an overdue credit card?

The most direct impact of an overdue credit card is on your credit report. As the questioner mentioned, if it has been overdue for three or four months, it must have a bad loan record. Once there is a bad loan record, then It will be basically impossible to get a loan from a bank in the future. Not only will you not be able to get a loan from the bank, but even your spouse who wants a loan to buy a house or a car will most likely be rejected.

If the non-performing loan record is not processed in time, it will usually be reported to the credit system after 90 days, and it will become the legendary "old loan". Not only will it be impossible to get a loan, but it will also be Limit high consumption, such as not being able to take transportation such as planes and high-speed rails.

There is no interest or late fee for credit card repayments before the repayment date. Generally, the repayment date for a credit card is 18-25 days after the bill date. Plus the bill date, the credit card has the longest payment period. The interest-free period can reach 56 days. If you fail to repay the loan after the repayment date, interest and late fees will accrue. Don’t underestimate the overdue interest and late fees. If they are not dealt with, the interest will be compounded and your debt will double in less than four years.

The most serious consequence of a credit card is the need to bear criminal liability. As long as you proactively deal with the debt, you will not face criminal prosecution. In fact, not many people who have overdue credit cards are sentenced in the end. If you want to be sentenced It's also very difficult.

After the overdue period, the bank will collect money from the cardholder. If the bank has made two effective collections within 90 days of the overdue period, but the cardholder has not made repayment, then the bank will charge the cardholder with payment. Determined as a "malicious overdraft", if there is no other way, the bank will hand over the cardholder to the public security agency for "illegal possession", and the public security agency will handle it as a criminal case. The loan will be repaid during the verification period of the public security agency. It is also possible to avoid sentencing. Once it is determined to be "illegal possession", the sentencing is not far away from the cardholder.

Interest and late fees

Once it is overdue, in addition to the principal, you also need to repay the interest and late fees. It was also said before that the debt can double in four years. Let’s take a look at how interest and late payment fees are calculated, and then calculate how much interest will accrue and how much late payment fees will account for the overdue amount mentioned in the question for three or four months overdue.

As for the overdue interest on credit cards, in fact, The calculation methods and interest rates of various banks are similar. Generally speaking, the overdue interest rate of banks is "daily profit of 10,000 yuan", and some banks will be slightly lower.

The "daily interest rate" here refers to the interest rate of 5 yuan per day for overdue 10,000 yuan. The interest rates we generally talk about are annual interest rates. The "daily interest rate" converted into an annual interest rate is 18 , anyone who has experience in financial management knows that this annual interest rate is very high, but this is the result calculated without calculating compound interest, and the overdue interest on credit cards is compound interest, that is, the comprehensive annual interest rate must be 18 above.

The late payment fee is easier to calculate. The charging ratio is 5% of the overdue amount of the credit card. It is charged on a per-time basis. If there is no repayment, it will only be charged once. However, there is a minimum standard for late payment fees. Most banks have It is 10 yuan, which is equivalent to a 10 yuan late fee for overdue amounts below 200. For amounts above 200, 5% of the overdue amount will be charged.

For the convenience of calculation, let’s assume that the overdue amount is 10,000 yuan and the overdue time is 4 months. Let’s calculate the interest and late fees respectively. First is the interest. Through calculation, we can calculate that the interest in four months is 618.2 yuan with compound interest, and then there is the late payment fee, which is 500 yuan based on 5. In other words, the total interest and late payment fees that need to be paid after four months have reached 1118.2 yuan, which has reached 11.18 yuan of the principal. It can be said that the interest and late payment fees are quite high.

Third-party negotiated repayment

It is true that overdue credit cards can be negotiated with the bank. Generally speaking, negotiated repayment requires a new negotiated repayment agreement, but this process is indeed It is quite troublesome, so in many cases the negotiation between the cardholder and the bank staff takes place over the phone. In this situation, it is obvious that the bank has entrusted the collection to a third party, and it is obviously a bit unreliable for the third party to propose to repay only the principal without knowing the specific situation. In view of the current situation, the following points are Be sure to pay more attention.

When negotiating with the bank, the bank will definitely understand the reason for the overdue payment from the cardholder. If the cardholder is not overdue due to special reasons (illness, unemployment, etc.), generally banks will not agree to it. The repayment is negotiated, so it seems unreliable for the third party to only repay the principal without consulting the reason for the overdue payment.

Although the questioner did not mention the repayment method required by the third party, there is one thing you need to know. If you negotiate with the bank to only repay the principal, the bank will definitely require a one-time repayment. You need to pay attention to the third party. Proposed repayment method.

It is normal for a bank to entrust a third party to collect debt, but the authority of the third party to negotiate with the cardholder must be verified. When communicating with the third party, you can raise doubts about the authenticity of the negotiated repayment. See what third parties say. In addition, it is like the bank to verify whether the repayment negotiated with a third party is valid to prevent the third party from deliberately fabricating the negotiated repayment in order to collect payment.

Whether it is communicating with a third party or with bank staff, recordings must be made. If both the third party and the bank say that there is no problem in negotiating repayment, but in the end there is still money owed, At this time, the recording in your hand can establish your strong evidence.

To sum up: It is indeed possible to negotiate to repay only the principal, but some people still show that they are in arrears after repaying the principal after negotiation, so they need to negotiate with the bank or a third party. Be sure to keep evidence of the negotiation to avoid unexpected situations.

The answers given by these big V’s are too official. Let me tell you from someone who has experienced it. In 2014, I applied for 14 credit cards and more than 30 online loans. In the end, they were all overdue, and the one that was overdue the longest was As long as 5 years, let me talk about credit cards first. In the first three months after the overdue period, which is the so-called 90 days, the bank's customer service will call you. As long as you pay back the credit card in these three months, even if your credit card is overdue, the bank's customer service will call you. The letter has been recorded, but most credit cards can still be used normally. However, there is no negotiation during these three months. The principal and interest must be repaid. If the amount exceeds, the bank will outsource the collection, and various All methods will be used. At first, they will keep calling, and then to the contact person you filled in at the time. If these don't work, they will use various intimidation methods, such as sending lawyer letters, subpoenas, and even some debt collection methods. Use a landline number ending in 110 to find you. Generally, overdue credit cards will not bombard your address book. After you deal with it, another collection company will find you, but the basic routine is the same. This is the first one. If you are willing to repay the loan at this time, they will not reduce or reduce the interest for you. Some commercial banks will be more conscientious and stop the interest for you, but the previous interest must be repaid. The four major banks are more strict. No matter how many years it remains like this, you will find that there are fewer and fewer phone calls in the next few years. Occasionally, they will only contact you every two or three months. Generally, by about three years, the business Banks have begun to proactively ask you to waive interest. Except for the four major banks, all my remaining credit cards have had interest waived. Some even waived all interest for three years!

So I suggest that the poster should repay the payment to the four major banks first, and the commercial bank can delay the payment and resolve it through negotiation!

Can I just pay off the principal and defer the interest on my credit card debt?

If you want to do this after a normal loan, the bank will definitely not agree, because they will definitely want to get back all the principal and interest. But if you can't repay the money and it's overdue, it's different. After you are overdue at first, the bank will definitely call and send you text messages constantly to urge you to repay. Some people will definitely worry about whether someone from the bank will come to collect your money. This is definitely unrealistic, because the cost is relatively high, and they don’t know whether you are at home or not. It is definitely impossible to do it for no reason. It's not realistic to find you at home.

Although they will not go to your home to look for you, the phone calls and text messages from the bank will definitely not stop. They will keep calling you and asking you to pay back the money. Then you feel that the interest is relatively high, or that you can only afford to repay the principal now, and you want to repay the interest, is that possible? In fact, it is possible. But the prerequisite is that you have to discuss it with others first, instead of making the decision yourself. When someone calls you to ask you to repay the loan, you can discuss it with them. You said I am tight on money now, and then can I Put interest on hold for a while. They will definitely not agree to it at the beginning and will definitely want you to pay back all the money.

But if you really don’t have the money to repay, no matter how others call, if you don’t repay overdue, there is nothing they can do. After a long time, they will definitely negotiate with you slowly. Let you repay the principal and wait for the interest for a while. After all, if you don't pay back any money, they will be helpless, and they have no way to get back even a little bit. But interest only means that you will have to pay it back after a period of time, which does not mean that you don’t have to pay it back now. After all, you have borrowed money from others, and you had no objection to the interest before borrowing the money, so it is impossible to say not to repay it now.

Can I just repay the principal if the credit card is not over?

It is possible to repay the principal of the credit card debt, and it will not create a bad record. However, as long as the debt on the credit card is not paid off, If the payment amount is high, late payment fees and interest will continue to accrue in a cycle. Therefore, we would like to remind you that if you owe money to a credit card, you must pay it off in time to avoid recurring charges and increasing compound interest.

The bank provides tolerance services to cardholders, that is, if the cardholder has insufficient repayment in the current period, and the unpaid amount is less than or equal to a certain amount (at least the equivalent of RMB 10), it should be deemed that the cardholder has repaid in full. payment. The "China Bank Card Industry Self-Discipline Convention" stipulates that if there is a maximum delay of 3 days and the repayment difference is less than 10 yuan, no penalty interest will be charged. The "Convention" stipulates that banks provide cardholders with long-term services, send repayment reminders through text messages, emails, etc. at least 3 days before the due date of repayment, and provide at least a 3-day repayment period. In other words, if the cardholder repays the money within 3 days after the specified repayment date, the bank should treat it as full repayment at the same time, without penalty interest. Note: 3 days refers to natural days, not working days.

If you are unable to repay your credit card overdue, you can approach the bank to negotiate repayment. Customer service said that someone will contact you, which means that the bank has entrusted the collection business to a third party, and the third party said that it will only repay the principal. It is possible, but it does seem a bit unreliable for a third party to directly make such a commitment. It is best to reconfirm with third-party companies and banks.

Generally speaking, negotiated repayment requires a new negotiated repayment agreement, but this process is indeed quite troublesome, so many times the negotiation is conducted over the phone between the cardholder and the bank staff. If the overdue period exceeds three months, it is obvious that the bank has entrusted the collection to a third party, and it is obviously unreliable for the third party to propose to repay only the principal without knowing the details.

Basically, if an individual goes to the bank's credit card center to negotiate a repayment plan, he will basically be rejected, which will only lead to more violent collections. Nowadays, there are professional organizations that can help debtors negotiate with the credit card center. Basically, the negotiated plan can only repay the principal, or pay part of the interest, and the remaining interest and late payment fees will be waived.

Is it possible to negotiate with a credit card to only repay the principal?

Is it possible to negotiate with a credit card to only repay the principal.

Although you can negotiate with the bank to repay only the principal, you need to be prepared for both, and don't have too much hope. After all, the regulations of each bank are different.

If the amount owed is not large and the interest generated is not much, there is no need to negotiate, and the bank will not agree to it, so it is better not to do this useless exercise.

If the amount of debt owed is not large, but the overdue period is relatively long and a lot of interest is generated, this situation must be negotiated. You must pay off the debt to eliminate the bad credit record. For example, For example, let’s say your debt amount is only about 2,000, but it is overdue for 2 years, and you have to pay back more than 10,000 yuan with interest. This is not a small amount.

Recommendations

When negotiating, you should take the initiative to call the bank, and be considerate and reasonable. Of course, don’t forget to record the phone and tell the bank that you want to repay the loan. Then clearly explain the principal of your debt and the interest accrued, and at the same time indicate your difficult situation. You only have money to repay the principal and no money to repay the interest.

However, the last thing I want to say is that no matter whether the negotiation to repay only the principal can be successful or not, as long as you are overdue, it is best to repay some money every month and express your willingness to repay. It will constitute a credit card crime, and the bank will not make things difficult for you and will not contact the police to arrest you.

Is it ok to repay the principal of a credit card debt?

Credit card debt cannot be repaid only to the principal, it needs to be paid off with interest. As long as the balance on the credit card is not paid off, late fees and interest will continue to accrue in a cycle. Therefore, if you owe money to a credit card, you must pay it off in time to avoid recurring charges and compound interest. .

Generally speaking, each bank will charge a certain amount of interest for overdue repayment. Each bank is different, usually an interest of 0.05%. However, the interest accrual date is calculated from the date of consumption, not the date after the final repayment date.

It is recommended that if the entire limit is not met, you can pay the minimum repayment amount first, which will not affect your credit limit. At the same time, there will be a buffer period to facilitate the bank to understand the capital flow of your account in a timely manner. Freeze the account.

When a credit card (credit card) holder chooses the minimum repayment method or uses the card beyond the credit limit approved by the card-issuing bank, he will no longer enjoy the interest-free repayment period and must pay the unpaid portion of the loan. Overdraft interest is calculated based on the prescribed interest rate from the bank accounting date.

Reference material: Baidu Encyclopedia_Overdue Repayment

This is the end of the introduction about whether a credit card can only repay the principal and whether a credit card can only repay the principal? I don’t know. Did you find the information you needed?