If you have a credit card debt and cannot pay it back, you can refer to the following methods:

Use the minimum repayment function

Each bank will have a minimum repayment amount Function, as long as you pay the minimum repayment amount, the bank will not charge late fees, nor will it affect your personal credit. Generally speaking, the minimum repayment amount is 10% of the total bill amount. For example, if you spent 10,000 yuan on your bill this month, the minimum The repayment only needs 10,000*10=1,000 yuan.

However, interest will be charged for repaying the minimum, which is 50% interest per day. Therefore, as long as you repay the minimum, although the pressure will be reduced, compound interest will occur, which will be relatively troublesome, and you can only For temporary delay.

Use the installment function

If you are under repayment pressure, you can directly apply for bill installment. Generally, banks provide 3, 6, 9, 12, 18, and 24 installments. , you can choose the number of installments according to your repayment ability, which can alleviate the repayment pressure and will not affect your credit;

The disadvantage is that there will be handling fees, which vary from bank to bank, but generally Between 0.6-0.8.

Change the bill date to extend the repayment period

This is also what others call the 100-day interest-free period. Here is an example:

Mr. Li spent 10,000 yuan on his credit card due to demand, but he found that he could not pay it back at once, and he did not want to pay the minimum or installment, so he could first extend the time for the bill to be issued by changing the bill date to extend the repayment time. , assuming that his 1W will be billed on May 29th, then Mr. Li can call the bank on May 28th to apply to change the billing date, which can be changed to 25th to 27th, then there will be no billing in May. , this 1W will be billed from the 25th to the 27th of June, plus about 20 days of interest-free repayment period, this amount only needs to be repaid around the 18th of July; if that time If you still can't pay it back, you can still use the two methods mentioned above.

Note: The billing time cannot be changed casually. Generally speaking, it can be changed once every six months. Some banks change it once a year, and some banks can only change it once.

Repay by applying for a card or raising the limit

If you can apply for a card or raise the limit, you can also use the card to replace the card, but this method must be used well, otherwise The outcome is still the same, so the solution is to understand and be familiar with several functions of credit cards, and then implement these basic functions.

Proactively explain the situation to the bank for negotiation

If you are unable to repay for a period of time due to special circumstances such as work, you can proactively call the bank to explain the reason and prove that you are not refusing to repay maliciously. There is indeed a reason. Discuss whether you can delay the repayment. Never change your phone number and ignore the bank. This will destroy your personal credit, unless you will never deal with the bank again.

Extended information

After a credit card overdraft, there may be three situations for repayment.

The first thing is to find a representative for repayment. But I strongly don’t recommend using an agent for long-term repayment when you don’t have money to repay. The repayment fees range from 100 to 200. The fees are not low and they are all large purchases. As far as banks are concerned, they prefer small amounts and multiple purchases, because this is truly in line with a person's consumption habits. In fact, the bank knows that you are cashing out on your behalf, and it is just profitable. However, this is not beneficial for raising the limit. big. In the long run, you are more likely to face card blocking and derating. Moreover, if the agent you find is not professional, has a small number of POS machines in his hands, and has the same billing number and card number, it will be easy for him to be investigated by risk control. arrive.

Also, it is easy for many people to choose the minimum repayment. However, once you choose the minimum repayment, the bank will determine that you have no ability to repay, and the bank will charge high handling fees, which are higher than those of agents. The cost is still high. For example, if you have an overdraft of 10,000 yuan and repay 8,000 yuan, and the remaining 2,000 yuan is not repaid within the repayment date, the bank will start to calculate interest from the date of consumption, and calculate the interest on the principal of 10,000 yuan instead of the remaining outstanding amount. Partial calculation of interest.

Another and most common method is to repay in installments.

The annual interest rate for installment repayment is about 5, which is about 13 lower than the minimum repayment. For example, for a bill of 100,000, the annual interest for installment repayment is 5,000, and the minimum repayment is 18,000. But it’s still quite high. What should friends do if they don’t want to bear the interest?

The correct credit card repayment method should be the next day after the statement date. For example, my bill date is the 6th of every month, and the repayment date is the 26th. After the bill date comes out on the 6th, repayment starts on the 7th. If the bill is 10,000, I pay 1,000 every day and pay it out in installments. I can pay off the 10,000 bill in about 10 times. If you pay back 500 every day, you can pay it off 20 times.

With this method of repayment, we only need to use the minimum repayment funds to repay the credit card in full without paying high fees, which not only beautifies the bill but also helps to increase the credit card limit. help.

Reference materials

Kabaobao: What should I do if I owe too much on my credit card and can’t afford to pay it off? This trick works!

Bank Information Port: What to do when you owe too much credit card debt and can’t afford it