What happens when the credit card expires?
1. First, the credit card is overdue, resulting in high late fees and interest, and the interest is compounded monthly. After a period of overdue, the bank will make a dunning. Moreover, before the bank calls for overdue credit card records, the bank has reported it to the credit information system for the record.
2. The credit card has been stopped. If the cardholder fails to repay the loan, his credit card will be deactivated. If you owe money for a long time or many times, the bank will think that the cardholder has a greater risk of repayment, and will stop using this credit card and recover the arrears from him. If the bank is still unable to repay the credit card arrears, the bank can apply for auction of other fixed assets of the cardholder.
3. Personal credit stain. With a bad credit record, it will be difficult to apply for a credit card. Similarly, the loan for buying a house will be different: the loan amount is relatively small and the loan interest rate is relatively high. If the situation is worse, the bank loan application will only be rejected.
4. After repeated collection by the bank, the credit card holder still fails to pay off in full or refuses to repay. When the late payment fee and interest of the credit card reach a certain amount, the bank will bring a lawsuit to the court for "credit card fraud". As soon as the bank sues, the court summons will be sent to the credit card holder's home or company soon.
The court will sentence the cardholder to fixed-term imprisonment and fine according to the principal actually owed by the credit card holder. Moreover, after the credit card holder is sentenced to prison, his credit report will become a permanent blacklist, and even after his sentence is released, he will never be able to apply for any credit card or loan.