1. What to do when you have too much credit card debt

1. Explain the reason to the bank.

When the bank calls, be sure to answer it. If you have the money to repay, it is best to settle the debt as soon as possible; if you don’t have the money to repay, there is nothing you can do. Communicate with the bank’s customer service and explain the reason for the debt. If it involves criminal liability, handle it as soon as possible.

2. You can choose installment repayment or minimum repayment.

Many people may have overdue credit cards because they owe too much. At this time, they can choose installment repayment or minimum repayment to reduce the repayment pressure on cardholders, but they must repay the credit card debt.

3. Continue to use your credit card and repay it on time.

After the credit card expires, some people try to be clever and even want to cancel the credit card in order not to pay back the money. In fact, you cannot cancel a credit card if you still have outstanding balances. You need to use the card healthily to wash away the stain. Good card usage behavior will slowly cover up the cardholder's overdue record.

4. Ask relatives and friends to borrow money and pay off credit cards.

Everyone should remember that overdue credit card repayments carry interest. The longer the overdue period, the more interest charged. Therefore, if you don’t have the money to pay it back, then ask your relatives and friends to borrow money and pay off the credit card as soon as possible to reduce interest expenses.

2. How to negotiate repayment for overdue credit cards

1. It is best for cardholders to proactively contact the card-issuing bank to explain their situation clearly and indicate the reasons for the overdue payment. It is best to prove that the overdue card is not the cardholder's fault, but other third-party factors.

2. If the bank agrees to the negotiation application, it should promptly present relevant certificates to prove that the individual is temporarily unable to repay the loan. At this time, you can present evidence proving non-subjective reasons, such as unemployment, bankruptcy, serious illness, etc. .

3. After approval by the bank, sign a new repayment agreement. When reaching negotiation, you need to leave evidence, such as phone recordings, electronic or written forms, and then repay in installments.

4. After negotiating and signing a new loan contract, the lender cannot be overdue again, otherwise the previous negotiation plan will be directly invalidated.

Overdue credit card repayment refers to the situation where the final repayment period stipulated by the bank is exceeded and the consumed amount is not deposited into the designated account in full and in time. Overdue repayment of a credit card will affect the credit record of the cardholder. At the same time, each bank will charge a certain amount of interest for overdue repayment, usually an interest of 0.5%. The interest starting date is calculated from the date of consumption.

If you owe a credit card, you don’t have to take the initiative to communicate with the bank. You should explain your actual situation and apply for installment repayment. It is easy to develop bad consumption habits when using credit cards and lead to blind consumption. However, credit cards also have many benefits. Credit cards have powerful installment functions and do not require mortgages or guarantees. You can consume first and then repay.