1. Credit record damage: the bank reported overdue records to the basic database of personal credit information of the People's Bank of China, which had a negative impact on your personal credit record. In future financial operations, such as loans and handling credit cards, your credit score will drop, which may lead to the inability to obtain higher credit cards or loans.
2. High interest and late fees: Credit cards will not lead to the accumulation of high interest and late fees. According to the credit card contract, the bank will charge a late fee according to a certain proportion, and calculate the overdue interest according to a certain proportion every day. With the extension of arrears, interest and late fees will continue to accumulate, making you need to repay more.
3. Litigation and enforcement: If you owe credit card debt for a long time, the bank may take legal measures to recover the debt. The bank can bring a lawsuit to the court, or apply for enforcement and auction your property to realize the debt. This will bring you greater economic and legal risks.
In short, long-term non-payment of credit card arrears will damage your credit record, which may lead to high interest and late payment fees, and may also lead to legal proceedings and enforcement. It is suggested that you must repay in time to avoid unnecessary economic and legal risks.
Extended data:
Regulations of China Banking Association on Credit Card Management and relevant regulations of the People's Bank of China.