The first trap: installment payment is free of interest. Many people like to spend by installment payment. For example, students at school buy digital products such as mobile phones, tablets and cameras by installment payment. Families use installment payment to buy cars and houses, and also choose installment payment for traveling abroad and studying abroad. However, we also found that although interest can be exempted, the handling fee will be more when checking the credit card bill. It is reported that credit card installment consumption is mostly "free of interest and unavoidable handling fees". In other words, interest can be exempted, but the corresponding handling fee should be paid.

the second trap: overdue default interest and principal accumulated for compound interest

as we all know, most banks divide the interest calculation of the unpaid amount into two parts, one is the daily interest of five ten thousandths of all consumption from the consumption date (or the next day) to the actual repayment date (or the same day), and the other is the daily interest of five ten thousandths before the consumption date (or the same day). That is to say, if the arrears are not repaid in time, the daily interest is the principal plus five ten thousandths of the total interest income of the previous day.