The guarantor of a credit card mainly assumes a supplementary guarantee responsibility. He will only assume responsibility when the credit card user is unable to repay the credit card loan when it expires.

"Guarantee Law of the People's Republic of China"

Article 5:

The guarantee contract is a subsidiary contract of the main contract. The main contract is invalid and the guarantee The contract is void. If the guarantee contract stipulates otherwise, the stipulation shall prevail. After the guarantee contract is confirmed to be invalid, if the debtor, guarantor and creditor are at fault, they shall each bear corresponding civil liability based on their faults. ?

Article 29:

If a branch of an enterprise legal person enters into a guarantee contract with a creditor without the written authorization of the legal person or exceeds the scope of authorization, the contract shall be invalid or exceed the scope of authorization. Partial invalidity, if the creditor and the corporate legal person are at fault, they shall each bear corresponding civil liability according to their faults; if the creditor is not at fault, the corporate legal person shall bear civil liability.

Extended information:

First, legal persons, other organizations or citizens who have the ability to pay off debts on behalf of others can serve as guarantors. However, if a legal person, other organization or natural person who does not have full compensatory capacity, after entering into a guarantee contract as a guarantor, then requests to be exempted from guarantee liability on the grounds that it has no compensatory capacity, the People's Court will not support it.

Second, according to the relevant provisions of the General Principles of the Civil Law, individual industrial and commercial households and rural contract operators are a special form of citizens. Therefore, citizens who serve as guarantors can also be individual industrial and commercial households or rural contract operators.

Third, those who can serve as guarantors include: sole proprietorships and partnerships that have registered and received business licenses in accordance with the law; joint ventures that have registered and received business licenses in accordance with the law; Sino-foreign cooperative enterprises that have registered and received their business licenses in accordance with the law; Social groups approved and registered by the department; township, street, and village-run enterprises that have been approved and registered to obtain business licenses.

Fourth, if a branch of an enterprise legal person provides a guarantee without the written authorization of the legal person, the guarantee contract will be invalid. If the functional department of an enterprise legal person provides a guarantee, the guarantee contract shall be invalid.

Fifth, public institutions and social groups with public welfare purposes are not allowed to act as guarantors. If a public institution or social group engaged in business activities is the guarantor, the guarantee contract signed by it shall be deemed valid if there are no other circumstances that would render the guarantee contract invalid.

Sixth, in the process of accepting loans from foreign governments or international economic organizations, state agencies can serve as guarantors with the approval of the State Council. Acting as a guarantor is not allowed under other circumstances.

Therefore, before agreeing to act as a guarantor, you must understand the following possible consequences.

a) You may be charged.

If a borrower defaults and you owe money, the bank or financial company will sue you.

b) You may be declared bankrupt.

If the debt exceeds RMB30,000, you may be declared bankrupt.

c) Multiple guarantors are not safe.

Don’t think that having multiple guarantors means you feel safe. The debt is not necessarily borne equally by multiple guarantors. Banks also do not need to choose to pursue debt collection from wealthier guarantors. The lender has the option to pursue the debt from all or one of the guarantors.

d) Death does not mean release of guarantee.

Baidu Encyclopedia - Responsibilities of the guarantor