Non-repayment refers to the money you owe that has not been paid off; the total amount owed refers to the total amount of money you owe.
Consequences of overdue repayment:
1. Liquidated damages, usually 5% of the unpaid portion of the minimum repayment amount. ?
2. The interest is high, and the interest is compounded. The interest rate is very scary when the debt is large. ?
3. Overdue credit records will be stained, resulting in the inability to handle financial needs such as house purchases and loans within the next two years. ?
4. If the payment is overdue for more than 3 months, and the amount exceeds RMB 10,000, and the bank has failed to pay multiple reminders, you will not only have to bear the repayment, but may also bear criminal liability.
Extended information:
Consequences of overdue credit card repayment
1. Bear high penalty interest. After a credit card defaults, the penalty interest fee usually involved is recurring interest. Fees and late fees. Revolving credit is essentially a small, unsecured loan that accrues interest on a daily basis. If the full amount is not repaid on the final payment date, revolving credit interest will accrue on the next statement, and it will start from the date the consumption is recorded. Calculate interest.
2. Causing legal disputes. Violent credit card collection has become a hot topic. Many bank credit card centers outsource credit card repayment collection to some so-called "debt collection companies." Customers are in great trouble.
3. Leave a credit stain in the national credit reporting system. In 2006, the central bank established a national unified basic database of corporate and personal credit information. As long as you apply for a card or get a loan at a bank, your own credit report will be automatically generated in the system, which will affect your application for various types of credit information. Bad records such as loans, insurance, job hunting, studying abroad, etc. are generally retained abroad for 7 years.
Baidu Encyclopedia - Credit Card
Baidu Encyclopedia - Credit Card Repayment