It is recommended that cardholders contact the bank proactively and explain their current situation and willingness to repay. If the amount of debt owed is relatively large and it is really impossible to pay off all the debt at once, you can negotiate repayment with the bank. Generally speaking, as long as the credit card has the willingness to repay, the bank will not easily sue the user.

Consequences of overdue payment

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:

According to the "Criminal Law":

Article 196 Credit Card Fraud

Any of the following circumstances 1. Whoever commits credit card fraud and the amount is relatively large shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined not less than 20,000 yuan but not more than 200,000 yuan.

If the amount is huge or there are other serious circumstances, the person shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan; if the amount is particularly huge or there are other particularly serious circumstances, A person shall be sentenced to fixed-term imprisonment of not less than ten years or life imprisonment, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan, or have his property confiscated:?

(1) Using a forged credit card, or using a false identity certificate to defraud (2) Using an invalid credit card; (3) Pretending to use another person’s credit card; (4) Malicious overdraft. The term "malicious overdraft" as mentioned in the preceding paragraph refers to the cardholder's behavior of overdrafting beyond the prescribed limit or within the prescribed period for the purpose of illegal possession and failing to return the card after being called upon by the card-issuing bank. Anyone who steals a credit card and uses it shall be convicted and punished in accordance with the provisions of Article 264 of this Law.

Baidu Encyclopedia-Credit Card