After applying for a credit card, many people spend too much overdraft without restraint. As a result, they have no money to repay the credit card, so they let the credit card expire. This is actually not a good way to deal with it. After all, money owed to a credit card is money owed to the bank, and bank money is not easy to owe. Once the money is not repaid, the bank will make the cardholder suffer an ugly end.

What are the consequences of not repaying the credit card debt? 1. The interest on the principal and interest will continue to grow. If a credit card is overdue, the penalty interest will be calculated at a daily interest rate of 0.5%, and the penalty interest will be calculated from the day the debt is consumed. Interest will be calculated on the full amount and will be compounded monthly. The longer the overdue period is, the higher the interest will be. Even if it is only a few hundred dollars overdue, within two or three months, you may have to pay back several thousand dollars in interest. . For this reason, some people say that the bank's overdue fees are legal usury. 2. The use of credit cards is restricted. If the credit card is overdue for more than 3 months and the payment is not repaid, the bank will restrict the use of the credit card and you will not be able to use the credit card to make purchases or withdraw cash. If it is serious, it will be permanently frozen by the bank. I think It is impossible to unfreeze, and you will not be allowed to cancel the card unless you pay off the outstanding balance. If you want to apply for a credit card from this bank in the future, it will basically be rejected immediately, and it may even affect the credit card and loan applications of other banks. 3. Bad credit will be retained for a lifetime. After a credit card is overdue for repayment, the bad credit will be retained for 5 years and automatically eliminated. If you continue to fail to repay the credit card overdue, this bad credit record will accompany you for a lifetime. In the future, if you want to apply for a credit card or loan, the bank will directly reject it. Even if your credit card overdue amount is not large, you will be rejected by the bank. 4. If you owe a credit card principal of more than 50,000 yuan to a bank and have not repaid it for more than 3 months after two effective collections by the bank, you will be deemed to have malicious overdraft and constitute the crime of credit card fraud. The bank will If you go to court to sue you, the lawsuit cannot be withdrawn by paying the money. You may be arrested and punished. The punishment cannot offset the debt, and the money that should be paid must be paid back.