What should I do if I pay too much on a credit card?

The credit balance refers to the overpayment in the cardholder's card account, that is, the excess deposit.

The credit balance cannot be used for installment payment, and can be withdrawn through the counter or ATM machine. There is no handling fee for withdrawal at the counter of BOC Card. If you withdraw money at an ATM machine, a cash withdrawal handling fee will be charged by default but no interest will be charged; Great Wall Card There is no charge for local withdrawals, while handling fees for cash withdrawals from other places will be charged. There is no interest charge for withdrawing excess deposits. For specific charging standards, you can call customer service 4006695566 for details.

The above content is for your reference, please refer to actual business regulations.

The more you pay off your credit card, the more you pay off

The more you pay off your credit card, the more you pay off. Generally, the user has not paid off the debt in the previous period, and a new bill is generated at this time. When you repay the money, you will pay more and more. When this happens, you should stop using this credit card for consumption, and then repay it as soon as possible, so that you can gradually reduce the amount of repayment in each period.

Users must make consumption plans based on their own income when using credit cards, so that they can repay on time on the credit card repayment dates. And when applying for a credit card, don’t pursue a high limit. Generally, 2 to 3 times your salary is enough. You can increase the limit later if you use it in accordance with regulations.

Do not overdue when using your credit card. Overdue repayment will generate penalty interest. The longer the time, the more penalty interest will be generated, which will increase the burden of later repayment. Banks will also upload overdue records to the credit reporting center. Once a personal credit rating becomes bad, no matter what kind of loan the cardholder applies for, it will be affected.

Users can use installment repayment when credit card repayment is difficult. Installment repayment requires users to pay a certain handling fee. The handling fees for different installments are different. Moreover, using installment repayment will occupy the credit card credit limit, which will have an impact on the user's subsequent use of the credit card.

Young people must use credit cards rationally!

What’s going on when you pay more and more on your credit card?

It may be because the repayment is overdue and the late payment fee is very high. Let me tell you in detail:

If a credit card is overdue, no penalty interest, late payment fees, liquidated damages, etc. will be charged. The more you owe, the more you owe. Generally speaking, the reasons that increase our credit card debt costs are as follows: Several kinds.

1. Withdrawing cash

There is no interest-free period and handling fees are charged for cash withdrawals. The original intention of credit cards is to allow people to use cards for consumption rather than to withdraw cash, so the cost of withdrawing cash is very high. high.

2. Deposit money into a credit card

Credit cards are different from debit cards. Depositing money into a credit card is an unwise behavior. Not only does it earn no interest, but you also have to pay when you want to withdraw it. A handling fee is required.

3. Cashing out large amounts for investment

Investment is risky, especially if you use money cashed out from credit cards to invest, the risk is even greater, and opportunism often results in "losing your wife." The consequences of "losing troops" and "stealing chickens is not losing rice". It is unwise to cash out your investment with a credit card, be careful of being trapped.

4. Credit card repayments are not timely

Credit card repayments must be timely, otherwise, interest, liquidated damages, handling fees and other fees will be enough. The more you owe, the more you owe. Much more.

Additionally add some key repayment concepts:

1. No interest. Many banks claim to be interest-free for up to 50 days, but as long as you pay one day late, interest will be calculated for the entire period, which is 51 days, and a 5% late payment fee will be added. Of course, this interest-free period will have no impact on those who repay on time, but who can guarantee that they will repay on time every month? It’s not inconceivable that if you occasionally forget or you’re short of money, it’s not unreasonable to be a few days overdue. Especially since there are so many card holders in China, there are many people who are overdue every day. Of course, every bank generally has a 3-day grace period. If it exceeds 3 days, a credit report may be issued. However, as long as the overdue period is not too long and the debt and interest are paid afterwards, there will generally be no impact. But even if it is one day overdue, the interest charges are quite scary. Not only is the interest charge calculated for 51 days, but a 5% late payment fee is also charged. If the repayment pressure is not too great, it is better to pay it back as soon as possible. After all, for ordinary card users, this is a large expense.

2. Minimum repayment amount.

The bank calculates interest based on the total amount that should be repaid. Suppose you swiped 10,001 yuan, but only repaid 10,000 yuan. So sorry, you only owe 1 yuan, but you still have to pay interest based on the total amount of 10,001 yuan. Many people will choose the minimum repayment if they cannot pay the full amount this month. But what these people don’t know is that the interest on the minimum repayment is also so high. Even if you repay part of it, the interest will still be calculated on the full amount. Moreover, these interest charges will be accumulated to the next month. If the minimum payment is still made next month, all interest charges will continue to be calculated, and your debt will be more and more by then. The overpayment will not be noticed at all.

3. Installment fee. We often receive text messages or phone calls from the bank. The bank will advise you to repay the loan in 12 monthly installments. It also claims that the monthly handling fee is as low as 0.56%. If you think that the annualized interest rate is the monthly handling fee X12, congratulations, you have fallen into the trap again. Although you are paying interest every month, the bank will still calculate interest on the entire principal. This principle is the same as the minimum repayment above. If you don’t know how to calculate installment fees, I’ll teach you a very simple formula: annual interest rate = monthly fee rate Why is there X2 in this? It's because of the effect of compound interest. The interest fee is calculated based on the principal every month. Can it not be too much? How could a bank kindly recommend you a repayment method to save interest? Of course only salespeople who are profitable will call you!

Is your credit card debt paying off more and more? An article teaches you how to solve it

For novices and people without financial knowledge, if you don’t open the account and can’t pay the full amount, you will naturally choose the lowest price or installment! If you step on the latter two minefields, you will only get more! If you are lucky enough to see this content, please read it patiently, it will benefit you a lot!

1. Minimum repayment rules

First of all, the minimum repayment does not enjoy the interest-free period! The repayment amount is 10% of the overdraft amount, and interest will be calculated from the date of consumption, with a daily interest rate of RMB 5,000, that is, the overdraft principal x daily interest x one month. For example, if you have an overdraft of 10,000 yuan, the minimum repayment amount is 1,000 yuan, and the monthly interest is 10000x0.0005x30=150 yuan. If you spend 1,000 yuan next month and continue to make the minimum repayment, the calculation method is, (100001000)x0.0005x30=165 yuan, the compound interest calculation method. Credit cards have revolving limits. As long as you make the minimum repayment and continue to spend, it is normal for a card worth 10,000 to end up owing tens of thousands. When your consumption reaches a certain amount, do you think about this and so on? This is a secret that the bank will not tell you. You can only rely on trial and error. The more you pay, the more you make the minimum payment (the interest on the minimum payment is refundable)

2. Pay the bill in installments

Enjoy one month of interest-free period. Each bank's interest rate is different depending on the installment length. Usually, after the bill amount is divided into installments, there is no need to repay the current period, and the repayment is postponed to the next month. For example, the bill is 10,000, the installment interest is 0.75%, the installment time is 12 months, the monthly principal repayment is 10,000/120.75% Your bill is 100,000. And the interest will not decrease as the principal decreases. Even if you only have 833 yuan left in the final payment, the interest will still be 75 yuan! Secondly, can you guarantee that the principal you pay back after installments will not be used for further consumption? If you continue to use it, what will be the consequences if you continue to make installments if you have insufficient repayment ability? Therefore, it is not without reason that you are in debt. Of course there is no solution, be patient and read the summary at the end of the article! Following me will help you learn more financial knowledge and avoid pitfalls!

3. There is another type of person who chooses to use loans to support their cards when they cannot make enough money, but they don’t know that this is the biggest taboo

For example, if you borrow 30,000 yuan, the annual interest rate is 18%, and the points are 12 Periodic repayment. The principal and interest for each period is 2,800 yuan. If you borrow 60,000 yuan, the principal will be paid out 5,600 yuan a month, which may be the monthly salary of an ordinary person. Borrowing online loans to repay credit cards will only speed up your pace of paying back more and more! In fact, no matter whether you are on the verge of debt or already heavily in debt! We can all use appropriate financial skills to reduce our principal and interest repayments, thereby achieving a virtuous cycle. Due to limited space, I cannot finish it in one article. Friends who want to know how to do it can follow it and leave a message in the comment area!

The credit card itself is the cheapest financing tool accessible to ordinary people! This article provides an in-depth analysis of the pros and cons of credit card repayment methods.

Should we avoid these situations from happening to us! Only by learning how to play cards can we bring positive revenue feedback. Instead of being tied down by credit cards we can even dream!

In fact, many people have tools that allow them to transfer credit card money to their own cards, and they can also enjoy an interest-free period of about 50 days. But they just don’t use it correctly or they don’t have the thinking to control and reduce costs.

Gua Ge Financial Lecture Hall will help you understand the financial knowledge you don’t understand! Welcome to forward, follow and like so that more people can see it!

The more you owe on your credit card, the bigger the credit card hole becomes. How can you get out of the hole?

To be honest, the more you owe on your credit card, the bigger the hole will be. It is very difficult to get out of the hole. It’s difficult, but it’s not impossible. To get out of the trap, I think we can start from the following five aspects:

01. Sort out the source and total amount of debt. You must know how you owe so much money on your credit card, whether it is consumption or investment failure. If you don’t know how you owe so much money, I think it will be difficult for you to pay it off in the future.

If you know how you owe it, don’t artificially expand the amount. For example, if it is caused by excessive consumption, then you should tighten your hands and not consume excessively. If an investment project fails to start a company, such as starting a company, then first check whether the project or company has the potential to make a profit. Don't hold on to it, and don't say that persistence is victory. Sometimes persistence is stubbornness. Quickly cut off and end the project. , to avoid increasing losses.

02. Find out the cost of maintaining arrears. That is, how much money is needed to make a turnover every month and how much is the cost of swiping the card if you want to keep it from being overdue. This is very important, and it is important to whether you want to continue to repay the loan in the future.

For example: You owe 500,000 yuan. If you use a credit card tool to make recurring repayments, it theoretically requires 3,000 yuan per month. Add this to your income and subtract it. If you can afford this credit card payment If there is still a slight surplus in costs and income, then theoretically you can still maintain it. On the contrary, you cannot maintain it.

03. Find salvation for your family and pay off your debt quickly. After calculation, your income cannot sustain the cost of swiping the card, and if your income does not increase significantly in the short term, you should explain the situation clearly to your family at this time and use their help to pay off the debt quickly. Otherwise, you can only rely on your own strength. It will make the hole bigger and bigger.

If your family does not have the power, you need to see if there are any assets in your name that can be sold, and quickly obtain funds by selling assets to repay the debt.

04. Increase revenue, reduce expenditure, and increase income. Although I know this is really difficult, this is the fundamental. Without income, how can you pay off your debts, and your income must be greater than your expenses. How to do this will vary from person to person.

05. When none of the above 4 items work, take the initiative to technically terminate the repayment. This is a mature sign of recognizing the facts, and it is also an act of helplessness. At this time, do not think that your credit report will get worse. Your first priority is to survive and stay healthy so that you can make a comeback.

Of course, technical termination of repayment does not mean non-repayment, but a temporary suspension of repayment, because if you repay it, it will be in vain and has no real meaning. At this time, you need to sort out the credit cards you have and make partial repayments on credit cards with an arrears of more than 50,000 yuan to less than 50,000 yuan. This will prevent the bank from reporting the case to the police later because of credit card crimes. The threshold for filing a case is that the amount owed exceeds 50,000.

After that, I just work with peace of mind, work hard to make money, save enough money to owe on a credit card, then call the bank, apply for repayment and plead for reduction of various interest penalties, and repeat the cycle until it is paid off. Of course, the bank will collect the money, and you only need to answer the phone and express your attitude and situation.

In fact, credit cards are a good thing, but the people who use them lack basic financial intelligence and are too optimistic about their future, resulting in huge debts. Before using a credit card to spend or invest, we must think about the worst-case scenario and what we should do if we cannot meet our expectations.

Scientific credit card limit use should follow the 721 rule, that is, 70% of the long-term use limit, 20% of the limit is used for recurring repayments, and 10% is left on the card. But many people often use up their credit limit as soon as they get a credit card, never thinking about what they should do if they can't afford it.

It is not difficult to play well with credit cards. You only need to remember three points: risk control, financing, and investment. The terms are a bit awkward and difficult to understand.

Risk control, you can understand it as thinking about the worst in everything, that is, if the money you withdraw cannot be paid back according to the expected time, what should you do? This is risk control.

Financing, you can understand it as whether your credit card limit can maintain stable growth in the long term. Investment means whether the money you withdraw from your credit card can generate income or not. Even consumption is okay, but whether your income can cover it is a big problem.

In short, credit card is a financial tool. If you want to play it well, you must learn some basic financial intelligence, otherwise the credit card will play tricks on you. If you still can't understand and use credit cards scientifically, then sooner or later you will fall into the big pit of credit cards.

In the credit society, everyone has several credit cards in their hand. When using a credit card, I feel that I have everything in the world, and I am the "card god"! If you are not careful, you will find yourself under a lot of pressure when it comes time to repay the loan, and your "stuck god" will become your "stuck slave".

01 About my story, the tragic life of becoming a "card slave"

I once fell into a credit card crisis.

It was still 2015. I had just started working for a few years. I saw that my friends around me were all using credit cards for their purchases. Sometimes I caught up with credit card activities, the discounts were not small, and I could earn points for my purchases, so I took the initiative. I went to the bank to apply for a credit card.

It didn’t take long before I got a few credit cards. It feels really good to use a credit card because there is an interest-free period and you don’t have to pay immediately after buying something, so it often feels like buying something for free. In the past, I had to think carefully about whether I should buy something, but I just swiped my credit card and bought it without any hesitation.

What’s even more frightening is that later I discovered a way to cash out credit cards. By using two or three credit cards, I could get a long-term use of funds from the credit cards, which greatly improved my consumption. Expenses are even more out of control.

In 2015, the stock market rose. At that time, I thought, with the "cash" in the bank, why not go to the stock market to make some money? So, I invested tens of thousands of dollars in the stock market, but in the blink of an eye, I encountered a stock market crash, and the situation was tragic.

Not long after I applied for the credit card, I found myself in a deep debt crisis. Due to my inflated consumption desire and failed stock market investments, I owed more and more on my credit card.

Not long after, several credit cards became unavailable and sometimes even became overdue. Using a credit card is no longer a good thing, and I have changed from a "god" to a "slave", which made me panic when I first entered the workplace.

02 "Card Slave"'s Turnaround Strategy

Credit card debt is like a snowball, growing more and more. Sometimes late payment fees, interest, etc. will be levied on overdue credit cards, which further aggravates the situation. Liabilities.

At that time, I thought that escaping was not an option. You couldn’t escape the credit card money. You couldn’t wait until the bank came to your door before trying to solve the problem. That would be very passive.

As a last resort, I chose to face these debts head-on. I found a time to sit down at my desk, carefully analyze my debt situation, and figure out how much I owed, so that I could set good goals. Planned repayment.

After not using credit cards for a long time, my debt situation became very confusing. I had arrears on several credit cards, and several of my debts were overdue. After calculation, the overdue interest rate reached 18%.

I simply classified my credit card debts and sorted them according to the time order of repayment. For the convenience of calculation, I gradually concentrated the debts on 3 credit cards, and gradually canceled the remaining credit cards.

After sorting out my debt situation, I probably owed about 50,000 yuan on credit cards. As a newbie in the workplace, it was difficult for me to pay it off at once with my salary.

I thought about it and decided to ask my family for help. Although it would be embarrassing and scolded if I borrow money from my family, if I don’t close the hole in my credit card, I will only owe more and more, which will make it even more difficult in the future. Packed up.

So, I admitted my mistake to my parents, borrowed 30,000 yuan, paid off the most urgent credit card loans, and left some long-term ones, which I planned to work on myself.

Of course, I must admit that I am lucky. My family has the ability to provide me with some help. What should I do if there are no loan conditions?

I think that if we can't borrow money, we should extend the repayment period on our credit cards instead of waiting to be charged late fees.

Before making installment payment, we must first understand the policies of each bank and find the bank with the cheapest interest rate for installment payment.

There is also knowledge about the number of installments. You can neither make the repayment period too long, which will cause a heavy interest burden, nor shorten it too short, which will exceed the repayment ability of your monthly salary. Generally speaking, spending 50% of your monthly income on repayment is already very reluctant.

When you swipe your credit card, you feel happy for a while, but you burst into tears when you pay it back. Mentally, you must accept that credit card repayment is a process, so that you won't be impatient or cause other troubles.

The truth is simple. If you want to solve your credit card debt, increasing revenue and reducing expenditure should be the inevitable choice for card slaves.

During the period of using my credit card, I did buy a lot of unnecessary things and spend a lot of money. In order to pay off the remaining 20,000 yuan, I changed my view on consumption. I decided not to buy things that I could buy or not, and I decided not to spend money that I could or could not spend.

Excessive consumption, using credit cards to prepay funds, and no money to repay further debt will only plunge debt into a vicious cycle. In order to repay debt, debt must be reduced from the source.

During that time, in order to save money, I developed the habit of keeping accounts. By including daily expenses, I gradually understood the ins and outs of my income and expenses, knew where the money went, and consciously Control where your money goes and control overconsumption.

As for open source, I took the initiative to take on the overtime tasks of the unit and increased my working hours in exchange for overtime pay. Of course, you can also do something to make extra money, but be sure not to rush for success and choose high-risk projects.

If you become a "card slave" because you buy Apple mobile phones and fashionable luxury goods, you can also increase your income by selling some of your goods. These goods are still not in line with your income for the time being. You can first charge your credit card. Blocking it is the right way.

I was very lucky. With the help of my family and my own hard work, I paid off my credit card debt in about a year. Since stepping into this trap, I have become increasingly cautious about the use of credit cards. Of the many credit cards I had originally applied for, I only kept two for daily use, and canceled all the rest.

Of course, some friends are not so lucky. Their credit card debts are larger, and the repayment cycle has to be longer to solve the debt problem. At this time, negotiating with the bank is also an option.

We can take the initiative to negotiate with the bank, express our attitude towards repayment, strive for a more favorable repayment method, and ask the bank to waive part of the fees.

The purpose of banks issuing credit cards is not to push borrowers into desperation, but to make money. Seeing your attitude, I believe they are still willing to make some concessions so that you can repay the loan as soon as possible.

The above are some of my opinions. I hope it will be helpful to you. You are also welcome to discuss it together in the message area.

I think there are still many people using credit cards to live their lives. This is really not advisable. Credit cards are interest-free benefits given by banks based on our credit. We need to treat credit cards well and use them reasonably to have more benefits. Good credit.

Let me talk about two cases. The first case is that of a relative of mine. She was accompanying her children when they were in school, and she used the little money she earned from work. In the first year, her husband was still working. Later he also lost his job. In this way, the two of them had no source of money. At this time, the woman had applied for many credit cards while working, and she happened to use them all. She spends all day transferring money from her credit card, and she also knows that the money she uses on her credit card must be repaid, so she uses installments and minimum repayments to drag down her credit card debt.

In two years, her credit card debt reached around 100,000, which she could no longer repay. If she didn’t pay back, she would have to file a credit report. She was extremely anxious and came to Shanghai to ask for help from relatives. Later, everyone pooled money to help her pay off her credit card debt. Then the couple both found jobs, so that most of the money they earned every month was used to pay off the debt. When the woman told me, she was still shaking her head and said that she really shouldn't use credit cards like this, it would become a bottomless pit, and she wouldn't be able to bear it in the end.

There is another case I saw in a community. A woman who owed 130,000 credit cards said she could no longer face it. Before, she had always concealed her desire to pay for her debts, and she also liked to buy, buy, and buy. But when she couldn't make ends meet, she had no choice but to confess her debt to her family. Although the woman's parents did not help her, fortunately, she had a reliable husband who was willing to take care of her and help her pay off her credit card debt. However, in order to prevent the woman from continuing to owe debts, the man asked the woman to write an IOU and write down how much she would repay each month.

The woman is quite optimistic. In order to prepare hard, she finally found a job with a higher income than before, and then she saved most of her salary every month and gave it to her husband. Therefore, when you have a card debt that cannot be repaid, you must first stop using credit cards. Take a good look at how much you owe, then seek help from family, relatives and friends to pay off the credit card debt, and then save money to pay off the money yourself.

Why do you feel like you have more and more credit cards? What should I do if I pay more and more on my credit card?

With the development of the bank's credit card business, credit cards have become a very common product. Almost every young person today has a credit card. However, in the process of using credit cards, many users have raised questions: Why do they feel that the more credit cards they pay, the more they pay? What should I do if I pay more and more on my credit card?

Why do you feel like you have more and more credit cards?

Some cardholders think that the reason why they pay off more and more on their credit cards is due to "interest". Whether a credit card is used for installment or cash withdrawal, the cardholder will be charged a certain amount of interest. Many cardholders find themselves unable to repay all their bills next month when using their credit cards, so they choose to pay in installments.

After the cardholder chooses installment, the amount that needs to be repaid each month may be only a few hundred yuan. In this case, the cardholder may choose to swipe the card to spend in advance, and when the time comes, On the monthly repayment date, choose installment again.

After a long time like this, cardholders will find that they still need to bear a certain amount of repayment pressure every month even if they don’t use the credit card, and they also need to bear a certain amount of interest charges every month. When the cardholder's income is relatively fixed, the credit card has been fully repaid, but other expenses in life may not be enough. The cardholder can only choose a credit card, and the vicious cycle continues like this.

What should I do if I pay more and more money on my credit card?

Card holders can choose to do some side jobs to increase their income, and try to ensure that they will no longer use the credit card after paying off the monthly bill of the credit card. Or the cardholder can choose to ask relatives and friends for help, borrow a sum of money to pay off the credit card bill, and then slowly pay back the money to relatives and friends.

The above is the sharing of relevant content on "Why do I feel like I have to pay off more and more credit cards?" I hope it can help everyone!

This is the end of the introduction about what to do if you pay off more and more credit cards and what to do if you pay off more and more credit cards. I wonder if you found the information you need?