It won't stop until the repayment time.
After the credit card expires, the interest will not stop until the customer pays it off in full. It is charged at a daily interest rate of five ten thousandths, and the interest is compounded monthly. Therefore, the longer the customer is overdue, the more interest will be generated and the more customers will have to pay back. If the customer owes a large amount, the customer is overdue, which will only bring greater repayment pressure.
When calculating interest, not only the unpaid part will be calculated from the overdue day, but all the consumption included in the current bill will also be calculated from the day when it is recorded, and the daily interest rate is also five ten thousandths, which is the so-called "circulating interest" until the repayment date.
Introduction:
The grace period for agricultural credit cards is two days. After the repayment date, before 24 o'clock the next night, it is the grace period for repayment. During this period, the Agricultural Bank will repay the loan on time as seen by the users. Repayment after 24 o'clock the next day shall be deemed as overdue repayment. Overdue repayment will not only generate overdue interest, but also have overdue records for credit investigation.
For users, it is better to repay on time without special reasons, which is conducive to improving users' own comprehensive credit score.
How long can overdue accounts stop paying?
After loans overdue, you can apply for suspension of payment. Take credit cards as an example. If you want to apply for stopping payment, you need to provide the bank with information such as work income, property under your name, current debt ratio, etc., to prove that the current economic ability is really unable to repay the penalty interest, otherwise the bank will not agree to stop payment.
Generally speaking, an interest-free account refers to a credit card, that is, the outstanding bill amount of a credit card is converted into an interest-free loan with no interest, and only the principal is repaid every month for a maximum period of five years. Stop means stop, interest refers to credit card interest, and the borrower is the bank that "hangs" the account of the debtor who is temporarily unable to repay, and temporarily refuses to accept it. Because once the negotiation is stopped, the bank's income will be reduced, so the bank will generally not agree to the customer's application for stopping payment.
According to Article 70 of the Measures for the Supervision and Administration of Credit Card Business of Commercial Banks, under special circumstances, if it is confirmed that the amount owed by the credit card exceeds the cardholder's repayment ability and the cardholder is still willing to repay, the issuing bank can negotiate with the cardholder on an equal footing and reach a personalized installment repayment agreement. The longest term of personalized installment repayment agreement shall not exceed 5 years.
If the user successfully applies for suspension of payment, he must repay in time according to the agreed content to avoid the second overdue. After the second overdue, users need to bear more penalty interest and liquidated damages, which will also increase the impact on credit reporting.
How long after the credit card expires, will the late payment fee and interest stop?
Overdue is a record of overdue repayment in accordance with the contract. Because each bank's declaration time is one month late, generally, if you repay the loan before next month 1, on the arrival date of each month 1 and on the repayment date of 2 1 (at least exceeding the minimum repayment amount), your credit will not be affected, but the bank will charge interest and late fees as the punishment agreed between you and the bank.
Credit card overdue repayment will face the following consequences:
1, credit card late fee. The so-called credit card late payment fee refers to the fee that the cardholder should pay to the issuing bank in accordance with the regulations when the repayment date is overdue or the repayment amount is lower than the minimum repayment amount.
2. Overdue interest. After users overdraw with credit cards, there is generally an interest-free repayment period ranging from more than 20 days to more than 50 days. If the cardholder's repayment is overdue, all the expenses of the cardholder last month will no longer enjoy the interest-free treatment of the bank, and the circulating daily interest rate is as high as five ten thousandths, that is, the annual interest rate reaches 18%.
3. Bad credit record. Credit card overdue repayment records will enter the central bank's credit information system to generate bad credit records.
4. Litigation costs. If the credit card is not repaid for more than 3 months, the bank will ask a lawyer to send a lawyer's letter to the user and bring a lawsuit to the court, and the litigation expenses will be borne by the cardholder.
5. Criminal responsibility for malicious overdraft.
Extended data:
Generally speaking, every bank will charge a certain interest for overdue repayment, which is different from each bank, and is generally five ten thousandths of the interest. However, the value date should be calculated from the date of consumption, not from the day after the last repayment date.
The minimum repayment amount can be paid before the total recommended amount is paid, and the credit limit will not be affected. At the same time, there will be a buffer period, so that banks can know the flow of funds in the account in time and will not freeze the account!
When a credit card (debit card) holder chooses the minimum repayment method or uses a card that exceeds the credit limit approved by the issuing bank, he will no longer enjoy the interest-free repayment period, and will pay overdraft interest calculated at the prescribed interest rate for the unpaid part from the bank bookkeeping date.
How long will there be interest calculation?
The first view is that the interest on overdue loans should be calculated until the date of loan repayment. This view is dominant in practice, has many supporters, and is adopted by most judges in their judgments. The reason is that Article 253 of the Civil Procedure Law stipulates that if the person subjected to execution fails to perform the obligation of paying money within the period specified in the judgment, he shall pay double the interest on the debt during the delayed performance. However, the borrower's failure to fulfill the obligation to pay money within the time limit specified in the judgment is a continuation of the breach of contract. There are both statutory provisions and agreements. According to the legal principle that the agreement is superior to the statutory terms, the lender has the right to ask the borrower to pay interest until the date of repayment of the loan, and at the same time, it can choose to double the interest on the debt during the delayed performance. The second view is that the interest on overdue loans should be calculated until the expiration of the performance period (also known as grace period) determined by the judgment. There are many people who hold this view. The reason is that the main purpose of judicial adjudication is to solve disputes and stop disputes. After the court confirms the disputed facts of the parties, it determines the right and wrong, determines a time limit for performance, and requires the borrower to perform his obligations according to this time limit. This is the coercive force of the law. If the borrower fails to perform his obligations within this period, he should bear the responsibilities in public law, such as paying double interest on debts during the delay in performance in civil procedure law and refusing to perform judgments and rulings in criminal law. The third view is that the interest on overdue loans should be calculated until the date when the judgment becomes legally effective. Not many people hold this view for the same reason as the second view. The difference is that the Civil Code stipulates the principle of "repayment of debts", which of course contains the meaning of comprehensive and timely payment. Only when the debtor is temporarily unable to repay the debt can the debtor repay it by installments. The exception to this installment payment is the grace period, which is theoretically called the "grace period clause". This "reasonable period" is generally 10 days. Even if there is no reminder, the legal effect from prosecution to judgment is often greater than 10 days. When the term loan expires, the borrower should pay off the debt, not to mention the grace period. Giving the borrower a certain performance period or grace period is mainly a kind of "favor" for the debtor who is temporarily unable to perform his debts. Accordingly, there is absolutely no need to give "mercy" to those who fail to perform their debts according to law. In practice, all judgments give borrowers a certain grace period, which is a misinterpretation of the legislative intent and should be an abuse of judicial power. The fourth view is that the interest on overdue loans should be calculated until the date of the lender's prosecution. There are at least people who hold this view, which can be described as high and low. The reason is that the borrower fails to repay the loan within the agreed time limit or fails to repay the loan after being urged, and the lender thinks that its legitimate rights and interests have been damaged, and brings a lawsuit according to law to safeguard its legitimate rights and interests. The court can only identify and decide the facts that have happened, but not the facts that have not happened, that is, it cannot predict the facts that will happen in the future. The period from the date of the lender's prosecution to the date when the judgment becomes legally effective is the stage of the court's review and ruling, and it is impossible to talk about the borrower's breach of contract. After the judgment becomes legally effective, if the borrower fails to perform the obligations specified in the judgment, he shall bear the responsibility in public law and will be punished by law.
legal ground
Article 253 of the Civil Procedure Law of People's Republic of China (PRC) stipulates that if the person subjected to execution fails to perform the obligation of paying money within the period specified in the judgment, he shall pay double interest on the debt during the delayed performance. However, the borrower's failure to fulfill the obligation to pay money within the time limit specified in the judgment is a continuation of the breach of contract. There are both statutory provisions and agreements. According to the legal principle that the agreement is superior to the statutory terms, the lender has the right to ask the borrower to pay interest until the date of repayment of the loan, and at the same time, it can choose to double the interest on the debt during the delayed performance.