No, I won’t give you ten years of opportunity. Generally, three years is the limit.

The statute of limitations for credit card debts

The statute of limitations for credit card debts is generally three years, calculated from the date the rights holder knew or should have known that his or her rights had been infringed. If there is an interruption, the statute of limitations starts running again.

The statute of limitations for litigation is interrupted in the following circumstances: (1) The obligee files a request for performance to the obligor; (2) The obligor agrees to perform the obligation; (3) The obligee files a lawsuit or applies for arbitration; ( 4) Other circumstances that have the same effect as filing a lawsuit or applying for arbitration.

Relevant laws stipulate that Article 188 of the "People's Republic of China and Civil Code" stipulates that the ordinary statute of limitations and the maximum rights protection period for requesting the people's court to protect civil rights are three years. If the law provides otherwise, such provisions shall prevail. The statute of limitations shall be calculated from the date when the right holder knows or should know that the right has been damaged and the obligor knows. If the law provides otherwise, such provisions shall prevail. However, if it has been more than 20 years since the right was damaged, the people's court will not grant protection. If there are special circumstances, the people's court may decide to extend the time based on the application of the right holder.

After the credit limit of a credit card is used up, the excess amount used is counted as an overdraft. For this part of the overdraft amount, the Bank will charge interest fees according to certain standards. This is an overdraft interest rate of 0.05 per day.

There are two types of overdraft interest.

The first is interest on overdraft consumption: the interest rate is 0.05 per day, but credit card overdraft consumption generally has an interest-free period of 25 to 56 days. As long as the cardholder repays the amount on time and in full, they can enjoy this offer; if you do not pay in full, the bank will calculate interest from the date of your consumption until you pay off the current bill.

The second is the interest on overdraft cash withdrawal: the interest rate is 0.05 per day, but there is no interest-free period. Cardholders are required to repay the cash withdrawal amount plus interest on time. It can be seen that whether it is overdraft consumption or overdraft withdrawal, the interest rate is very high. Therefore, we should think carefully to avoid failure.

What should you pay attention to when using a credit card?

1. Consumer self-control

Although it is a good thing to have a large credit card limit, for those who do not have the ability to control themselves or cannot correctly For someone who understands their financial situation, this can have disastrous consequences. Generally speaking, your credit card limit for consumption should be less than your salary within 3 months. After all, the consumption limit of three months’ salary is not too large. In the event of an accident or layoff, you also have the flexibility to adjust your credit card bill to suit your income level, increasing your risk tolerance.

After all, ordinary credit cards charge 0.05 interest per day, compound interest is charged monthly. The interest rate for one year is as high as: (1 0.05*30)^12-1=19.56, which is equivalent to a loan shark!

2. Carefully prepared

In this era of consumerism, people’s income is generally not high, but they want more and more things. Installment payment has become one of the choices for many people. You should know that if you brush 20,000 cards at a time, the psychological pressure will be great; if it is divided into 24 periods, it only takes more than 800 points per month, and the psychological pressure will be greatly reduced.

For the former, because they consume too much at one time, in order to relieve their financial pressure, they generally choose to pay it off as soon as possible to get rid of heavy financial pressure. Even, considering the financial pressure they need to bear, they simply refuse to consume.

Because the latter chooses to pay in installments and has little financial pressure, it is easy to have the illusion that "I can afford more debt." Coupled with the long repayment period, it is easy to expand your debt and fall into a debt crisis.