Many cardholders will have their credit cards overdue due to various reasons. When a cardholder's credit card expires, the cardholder's biggest worry should be how to repay. If they are unable to repay the principal of their credit card, many cardholders will choose to negotiate repayment. New regulations on credit card interest suspension and suspension in 2021

1. Installment time and installment conditions

According to the explanations of major banks on credit card interest suspension and suspension, in 2021, most credit card interest suspension The installment time has become 6 to 60 installments. Among them, the interest reduction amount of Shanghai Pudong Development Bank is larger than before. If the cardholder has a universal fund, it is very likely that the interest will be waived directly.

At China CITIC Bank, if the cardholder wants to apply for an interest rate suspension, a down payment of 5%-10% is required, but some do not require it. Bank of Communications now supports small amounts that can be divided into multiple installments, and you only need to pay back a few hundred yuan each month. Agricultural Bank of China stipulates that cardholders must have their credit cards overdue for more than 4 months before they can apply for an interest suspension.

2. Preparation before installment

According to the new regulations, if the cardholder has bad language, lies, disappears, etc. during the period of application for suspension of interest payment, the bank has the right to directly reject it. And the cardholder needs to take the initiative to contact the bank and explain his current financial situation to the bank. It is best to hold a legally valid certificate of financial difficulty.

Of course, cardholders must ensure that they have sufficient repayment ability on future repayment dates. The bank agrees to negotiate on the premise that the bank determines that it can recover the arrears in this way. It is best for cardholders to provide corresponding work certificates or salary certificates to prove that they have a stable job and source of income.

If your credit card is overdue for more than three months, you may be prosecuted. However, if the amount you owe is not large or you owe money due to unpaid annual fees or other reasons, the bank will generally not sue and will only demand repayment. 5,000 yuan is not a large amount, but the bank's high interest rates will continue to rise. When it reaches a certain amount, the bank will meet with you in court.

If the bank refuses to collect the credit card debt you owe after repeated collections, the bank may have filed a lawsuit in court. After entering the judicial process, the bank has included the debt as a bad debt loss and will no longer pursue it. However, the cardholder will face jail time. According to Chinese law, a debt of more than 5,000 yuan that is not repaid after collection is considered a malicious overdraft and will be included in the credit card fraud blacklist.