The more you owe on your credit card, the bigger the credit card hole becomes. How can you get out of the hole?
To be honest, the more you owe on your credit card, the bigger the hole will be. It is very difficult to get out of the hole. It’s difficult, but it’s not impossible. To get out of the trap, I think we can start from the following five aspects:
01. Sort out the source and total amount of debt. You must know how you owe so much money on your credit card, whether it is consumption or investment failure. If you don’t know how you owe so much money, I think it will be difficult for you to pay it off in the future.
If you know how you owe it, don’t artificially expand the amount. For example, if it is caused by excessive consumption, then you should tighten your hands and not consume excessively. If an investment project fails to start a company, such as starting a company, then first check whether the project or company has the potential to make a profit. Don’t insist on it, and don’t say that persistence is victory. Sometimes persistence is stubbornness. Quickly cut off and end the project. , to avoid increasing losses.
02. Find out the cost of maintaining arrears. That is, how much money is needed to make a turnover every month and how much is the cost of swiping the card if you want to keep it from being overdue. This is very important, and it is important to whether you want to continue to repay the loan in the future.
For example: You owe 500,000 yuan. If you use a credit card tool to make recurring repayments, it theoretically requires 3,000 yuan per month. Add this to your income and subtract it. If you can afford this credit card payment If there is still a slight surplus in costs and income, then theoretically you can still maintain it. On the contrary, you cannot maintain it.
03. Find salvation for your family and pay off your debt quickly. After calculation, your income cannot sustain the cost of swiping the card, and your income will not increase significantly in the short term. At this time, you must explain the situation clearly to your family and use their help to pay off the debt quickly. Otherwise, you can only rely on your own strength. It will make the hole bigger and bigger.
If your family does not have this power, you need to see if there are any assets in your name that can be sold, and quickly obtain funds by selling assets to repay the debt.
04. Increase revenue, reduce expenditure, and increase income. Although I know this is really difficult, this is the fundamental. Without income, how can you pay off your debts, and your income must be greater than your expenses. How to do this will vary from person to person.
05. When none of the above 4 items work, take the initiative to technically terminate the repayment. This is a mature sign of recognizing the facts, and it is also an act of helplessness. At this time, do not think that your credit report will get worse. Your first priority is to survive and stay healthy so that you can make a comeback.
Of course, technical termination of repayment does not mean non-repayment, but a temporary suspension of repayment, because if you repay it, it will be in vain and has no real meaning. At this time, you need to sort out the credit cards you have, and make partial repayments on credit cards with an arrears of more than 50,000 yuan to reduce the arrears to less than 50,000 yuan. This will prevent the bank from reporting the case to the police later due to credit card crimes. The threshold for filing a case is that the amount owed exceeds 50,000.
After that, I just work with peace of mind, work hard to make money, save enough money to owe on a credit card, then call the bank, apply for repayment and plead for reduction of various interest penalties, and repeat the cycle until it is paid off. Of course, the bank will collect the money, and you only need to answer the phone and express your attitude and situation.
In fact, credit cards are a good thing, but the people who use them lack basic financial intelligence and are too optimistic about their future, resulting in huge debts. Before using a credit card to spend or invest, we must think about the worst-case scenario and what we should do if we cannot meet our expectations.
Scientific credit card limit use should follow the 721 rule, that is, the long-term use limit is 70, 20 of the limit is used for recurring repayments, and 10 is left on the card. But many people often use up their credit limit as soon as they get a credit card, never thinking about what they should do if they can't afford it.
It is not difficult to play well with credit cards. You only need to remember three points: risk control, financing, and investment. The terms are a bit awkward and difficult to understand.
Risk control, you can understand it as thinking about the worst in everything, that is, if the money you withdraw cannot be paid back according to the expected time, what should you do? This is risk control.
Financing, you can understand it as whether your credit card limit can maintain stable growth in the long term. Investment means whether the money you withdraw from your credit card can generate income or not. Even consumption is okay, but whether your income can cover it is a big problem.
In short, credit card is a financial tool. If you want to play it well, you must learn some basic financial intelligence, otherwise the credit card will play tricks on you. If you still can't understand and use credit cards scientifically, then sooner or later you will fall into the big pit of credit cards.
In the credit society, everyone has several credit cards in their hand. When using a credit card, I feel that I have everything in the world, and I am the "card god"! If you are not careful, you will find yourself under a lot of pressure when it comes time to repay the loan, and your "stuck god" will become your "stuck slave".
01 About my story, the tragic life of becoming a "card slave"
I once fell into a credit card crisis.
It was still 2015. I had just started working for a few years. I saw that my friends around me were all using credit cards for their purchases. Sometimes I caught up with credit card activities, the discounts were not small, and I could earn points for my purchases, so I took the initiative. I went to the bank to apply for a credit card.
It didn’t take long before I got a few credit cards. It feels really good to use a credit card because there is an interest-free period and you don’t have to pay immediately after buying something, so it often feels like buying something for free. In the past, I had to think carefully about whether I should buy something, but I just swiped my credit card and bought it without any hesitation.
What’s even more frightening is that later I discovered a way to cash out credit cards. By using two or three credit cards, I could get a long-term use of funds from the credit cards, which greatly improved my consumption. Expenses are even more out of control.
In 2015, the stock market rose. At that time, I thought, with the "cash" in the bank, why not go to the stock market to make some money? So, I invested tens of thousands of dollars in the stock market, but in the blink of an eye, I encountered a stock market crash, and the situation was tragic.
Not long after I applied for the credit card, I found myself in a deep debt crisis. Due to my inflated consumption desire and failed stock market investments, I owed more and more on my credit card.
Not long after, several credit cards became unavailable and sometimes even became overdue. Using a credit card is no longer a good thing, and I have changed from a "god" to a "slave", which made me panic when I first entered the workplace.
02 "Card Slave"'s Turnaround Strategy
Credit card debt is like a snowball, growing more and more. Sometimes late payment fees, interest, etc. will be levied on overdue credit cards, which further aggravates the situation. Liabilities.
At that time, I thought that escaping was not an option. You couldn’t escape the credit card money. You couldn’t wait until the bank came to your door before trying to solve the problem. That would be very passive.
As a last resort, I chose to face these debts head-on. I found a time to sit down at my desk, carefully analyze my debt situation, and figure out how much I owed, so that I could set good goals. Planned repayment.
After not using a credit card for a long time, my debt situation is very confusing. I have arrears on several credit cards, and several of my debts are overdue. After calculation, the overdue interest rate has reached 18.
I simply classified my credit card debts and sorted them according to the time order of repayment. For the convenience of calculation, I gradually concentrated the debts on 3 credit cards, and gradually canceled the remaining credit cards.
After sorting out my debt situation, I probably owed about 50,000 yuan on credit cards. As a newbie in the workplace, it was difficult for me to pay it off at once with my salary.
I thought about it and decided to ask my family for help. Although it would be embarrassing and scolded if I borrow money from my family, if I don’t close the hole in my credit card, I will only owe more and more, which will make it even more difficult in the future. Packed up.
So, I admitted my mistake to my parents, borrowed 30,000 yuan, paid off the most urgent credit card loans, and left some long-term ones, which I planned to work on myself.
Of course, I must admit that I am lucky. My family has the ability to provide me with some help. What should I do if there are no loan conditions?
I think that if we can't borrow money, we should extend the repayment period on our credit cards instead of waiting to be charged late fees. Before making installment payment, we must first understand the policies of each bank and find the bank with the cheapest interest rate for installment payment.
There is also knowledge about the number of installments. You can neither make the repayment period too long, which will cause a heavy interest burden, nor shorten it too short, which will exceed the repayment ability of your monthly salary. Generally speaking, it is very reluctant to use 50% of your monthly income for repayment.
When you swipe your credit card, you feel happy for a while, but you burst into tears when you pay it back. Mentally, you must accept that credit card repayment is a process, so that you won't be impatient or cause other troubles.
The truth is simple. If you want to solve your credit card debt, increasing revenue and reducing expenditure should be the inevitable choice for card slaves.
During the period of using my credit card, I did buy a lot of unnecessary things and spend a lot of money. In order to pay off the remaining 20,000 yuan, I changed my view on consumption. I decided not to buy things that I could buy or not, and I decided not to spend money that I could or could not spend.
Excessive consumption, using credit cards to prepay funds, and no money to repay further debt will only plunge debt into a vicious cycle. In order to repay debt, debt must be reduced from the source.
During that time, in order to save money, I developed the habit of keeping accounts. By including daily expenses, I gradually understood the ins and outs of my income and expenses, knew where the money went, and consciously Control where your money goes and control overconsumption.
As for open source, I took the initiative to take on the overtime tasks of the unit and increased my working hours in exchange for overtime pay. Of course, you can also do something to make extra money, but be sure not to rush for success and choose high-risk projects.
If you become a "card slave" because you buy Apple mobile phones and fashionable luxury goods, you can also increase your income by selling some of your goods. These goods are still not in line with your income for the time being. You can first charge your credit card. Blocking it is the right way.
I was very lucky. With the help of my family and my own hard work, I paid off my credit card debt in about a year. Since stepping into this trap, I have become increasingly cautious about the use of credit cards. Of the many credit cards I had originally applied for, I only kept two for daily use, and canceled all the rest.
Of course, some friends are not so lucky. Their credit card debts are larger, and the repayment cycle has to be longer to solve the debt problem. At this time, negotiating with the bank is also an option.
We can take the initiative to negotiate with the bank, express our attitude towards repayment, strive for a more favorable repayment method, and ask the bank to waive part of the fees.
The purpose of banks issuing credit cards is not to push borrowers into desperation, but to make money. Seeing your attitude, I believe they are still willing to make some concessions so that you can repay the loan as soon as possible.
The above are some of my opinions. I hope it will be helpful to you. You are also welcome to discuss it together in the message area.
I think there are still many people using credit cards to live their lives. This is really not advisable. Credit cards are interest-free benefits given by banks based on our credit. We need to treat credit cards well and use them reasonably to have more benefits. Good credit.
Let me talk about two cases. The first case is that of a relative of mine. She was accompanying her children when they were in school, and she used the little money she earned from work. In the first year, her husband was still working. Later he also lost his job. In this way, the two of them had no source of money. At this time, the woman had applied for many credit cards while working, and she happened to use them all. She spends all day transferring money from her credit card, and she also knows that the money she uses on her credit card must be repaid, so she uses installments and minimum repayments to drag down her credit card debt.
In two years, her credit card debt reached around 100,000, which she could no longer repay. If she didn’t pay back, she would have to file a credit report. She was extremely anxious and came to Shanghai to ask for help from relatives. Later, everyone pooled money to help her pay off her credit card debt. Then the couple both found jobs, so that most of the money they earned every month was used to pay off the debt.
When the woman told me, she was still shaking her head and said that she really shouldn't use credit cards like this, it would become a bottomless pit, and she wouldn't be able to bear it in the end.
There is another case I saw in a community. A woman who owed 130,000 credit cards said she could no longer face it. Before, she had always concealed her desire to make up for the west, and she also liked to buy, buy, buy. But when she couldn't make ends meet, she had no choice but to confess her debt to her family. Although the woman's parents did not help her, fortunately, she had a reliable husband who was willing to take care of her and help her pay off her credit card debt. However, in order to prevent the woman from continuing to owe debts, the man asked the woman to write an IOU and write down how much she would repay each month.
The woman is quite optimistic. In order to prepare hard, she finally found a job with a higher income than before, and then she saved most of her salary every month and gave it to her husband. Therefore, when you have a card debt that cannot be repaid, you must first stop using credit cards. Take a good look at how much you owe, then seek help from family, relatives and friends to pay off the credit card debt, and then save money to pay off the money yourself.
How can I get over if I owe 800,000 on a credit card (debit card)?
It is not easy to turn over a debt of 800,000 on a credit card. However, if you don’t want to be a debtor for life, you should find a way to pay off the debt as soon as possible. You can find relatives and friends around you. Borrow some money and repay the rest. It is recommended that you negotiate with the bank for a repayment plan that suits you and repay it in installments.
But do not apply for an online loan in order to pay off your credit card (debit card) debt. This will easily lead to a vicious cycle of using loans to support loans, making it even more difficult to turn around.
If you owe 800,000 yuan to a credit card (debit card) and fail to repay it, then your personal credit record will never be cleared, and it is very likely that you will be included in the list of dishonest persons subject to enforcement, and you may even be imprisoned by the bank. .
How to get rid of heavy credit card debts? The following suggestions will teach you how to remedy the situation
Nowadays, in order to develop their own business, major banks have greatly reduced the conditions for applying for credit cards. Having a credit card is equivalent to having your own virtual currency, and you can spend it however you want. As the saying goes, each person has his own way of living. When the money comes into the hands of each person, it means that each person has his own way of spending it. Some people squander it wantonly, and some people cash out their entrepreneurial investments.
Credit cards are like a "double-edged sword" hanging over your head. Used properly, they can protect you from wind and rain, bring you a lot of convenience, and even allow you to earn profits; used improperly, , the bank will become a slave, and the card slave will be reduced to a fish, to be slaughtered and exploited mercilessly!
Once the credit card economy collapses, causing the credit card to become overdue and unable to repay the debt, how can we save ourselves and get out of debt?
Methods that can be saved after a credit card is overdue include: applying for extension, installment repayment, interest suspension, debt restructuring, etc. Carefully understand the overdue or overdue treatment of each type of rescue, and take the initiative to avoid the ruthless harassment of bank collections.
On the final payment date for your credit card, banks will generally give you a grace period of up to 3 days to process the repayment. Repayments within these three days will not be reported to your credit report. Of course, there is another way to repay the minimum repayment. The interest paid in this way is relatively high, which can be helpful in solving overdue credit reports in the short term.
If you are really unable to repay before the final repayment deadline, you must explain the situation to the relevant bank in a timely manner. If you prove that you are not malicious in defaulting on the arrears due to some special reasons that can be understood humanely, you can apply. Pause installment.
It is best to negotiate. If your credit card is overdue due to various reasons, but you don’t have enough money to pay it back, you can negotiate with the bank to suspend the interest rate and avoid high interest increases. . It can be divided into up to 60 installments, which can greatly reduce personal repayment pressure.
There must be a reason for being in debt, and there must be a way to make money. Also with a credit card, others can spend more and more, but you spend less and less. Have you ever thought about the reason? The best way to find out is to ask yourself where the funds from your past credit cards have been used.
Stop all activities that may lead to debt, such as vehicle expenses, unplanned shopping, meaningless party expenses, etc., as long as they do not bring you any income. It must be stopped in time. Separate liabilities from assets as much as possible. All consumption that can bring profits is an asset, and all consumption that cannot bring profits is a liability.
Making money is one of the tasks that everyone does throughout their lives, and your job must not be without it.
It is said that having many skills is not a burden. Education represents the past, ability represents the present, and learning ability represents your future. Learning new knowledge and skills can help you regain a new career and earn more rewards.
Don’t panic the first time your credit card is overdue, maintain a positive emotion, face it calmly, exercise every day, eat on time, study on time, and seek to survive in adversity.
For people who have experienced more, sometimes they are "superior" in terms of vision and structure. As long as there is an opportunity, they may be able to immediately alleviate the dilemma and achieve a breakthrough!
The following suggestions:
1. Try every means to raise money to repay as much as possible, and let the bank waive part of the interest penalty. Then find a way to pay it off in one lump sum.
2. Take the initiative to contact the bank to explain the overdue situation and strive for the opportunity of interest-free installment.
3. Sort out debts, plan repayments reasonably, negotiate second installments, stop interest liquidated damages, stop violent collections, and repay in 1-5 years. Stop losses in time to avoid losses.
The above is the content shared today. Friends who are interested can follow it, forward it and add it to favorites. I hope all debtors can get rid of debt as soon as possible!
How to get credit card debt of 100,000? Save yourself from two aspects
Credit cards are a double-edged sword. If used well, they can help people save money, but if used poorly, they can easily lead to debt. In real life, many people owe more than 100,000 yuan because of uncontrolled overdrafts on their credit cards, and their monthly income is only 5,000 yuan at most. It is difficult to get a job in this situation, but it is still possible as long as you work hard. , you can’t force it in advance, and don’t run away and lose contact. The consequences of this are very serious.
How to get a credit card debt of 100,000 yuan, here we will discuss it from two aspects:
1. How to solve the debt problem
The money owed to the credit card is owed The money in the bank must be repaid, and if you are unable to repay it, it is recommended that you confess it to your family and see if they can help you repay it. If your family members don’t have the ability, then look at which relatives and friends have relatively strong financial ability, and you can try to borrow money from them, but you have to tell them the truth. When borrowing, you need to agree on a repayment period, and you can even agree on an interest rate. This compares Easily gain trust.
If neither of them works, you can only place your hope on the bank to see if you can negotiate repayment with the bank. It is best to communicate with the relevant bank before it is overdue and share your current financial information. Explain the situation clearly to the bank, and if the bank agrees, negotiate a reasonable repayment plan. It is very important to express your attitude during the negotiation.
2. Increase revenue and reduce expenditure and work hard to make money
Whether you are looking for someone to borrow money or negotiating with a bank to repay successfully, you still have to use your own money to repay the debt in the end, but relatively speaking There is a buffer period and it will not affect your credit score. Of course, for people who are not very financially capable, they must first increase revenue and reduce expenditure. Except for daily expenses, do not spend unnecessary money.
In addition, in addition to working normally, you can do something in your free time. Those with strong writing skills can try writing to make money. Those who can write code can take on some small businesses. If it doesn’t work, they can do some part-time jobs. It costs 1 yuan an hour, which is a little money, but it can add up to a lot.
This is the end of the introduction on how to recover from a credit card debt and whether it is possible to recover from a credit card debt of 200,000. I wonder if you have found the information you need?