What should I do if my credit card cannot be paid back?

What should I do if I can’t pay off my credit card?

What should I do if I can’t pay off my credit card? Now the editor will introduce it to you.

1. State your financial situation, affirm that you do not owe money maliciously, and apply for delayed repayment and interest discounts. What to do if you can't pay off your credit card? State your financial situation, declare that you don't owe money maliciously, and apply for delayed repayment and interest discounts.

2. In view of the cardholder’s active performance and previous good credit record, the bank will often agree to defer the repayment, and work with the cardholder to agree on a mutually acceptable repayment plan, delay period, and interest discount. , monthly repayment amount, etc.

If you take the initiative to contact the bank and get the bank's consent to defer the repayment, you will not be recorded as a bad record, but it should be noted that you will be guaranteed to repay as agreed in the future.

3. If you forget to repay due to negligence, you must repay the loan as soon as possible after it is overdue, preferably in full. Then call the bank's credit card center and declare that the debt is not malicious. If the record has been good in the past, and the overdue time is short, and it is found that the repayment after the overdue period is good, it may not be recorded as a bad record. Don't be careless in the future. Be sure to pay attention to the bank's bill notifications and collection information to avoid overdue payments.

4. Credit card repayment information will be recorded by the central bank's credit reporting system on a rolling basis for 24 months. That is to say, bad credit records caused by overdue credit card repayments will be kept in the credit reporting system for two years. If terminated with a card, the corresponding records will no longer

scroll, but will be saved for a long time. Therefore, after overdue repayment of a credit card, it is best not to cancel the credit card immediately after paying off the debt. Instead, you should insist on using the card for more than two years and keep your credit in good condition during the period. In this way, you can rely on rolling records to remove bad records from your credit report. Remove it from the system.

2. What will happen if the credit card is overdue for one month?

The bank will charge late payment fees and interest. The late payment fee is calculated as 5% of the unpaid portion of the minimum repayment amount. The specific calculation formula is: late payment fee = (Minimum repayment amount - Amount repaid as of the due payment date) × 5, with minimum and maximum limits. At the same time, the bank will also charge 0.05% interest on the credit card bill every day.

If the cardholder fails to repay the minimum repayment amount before the repayment due date (inclusive) on the bill notice of the current month, the account will be collected by the card center collector on the day after the next bill date. Carry out telephone collection; if the customer has not paid off the minimum repayment amount within the specified time, the system will automatically issue a collection letter or the collector will issue a collection letter based on the account's telephone collection status and actual arrears. If the following situations occur, the bank will come to collect the debt:

1. The collection through letters and phone calls is invalid and exceeds the last repayment date (overdue) for two cycles (60 days);

2. Unable to be contacted by phone or letter;

3. Higher risks may be found in letter collection or phone collection.

What to do if the credit card cannot be repaid

If the credit card is not repaid, you can apply to the bank for minimum repayment or deferred repayment. If the overdraft amount reaches more than 10,000 yuan for the purpose of illegal possession, and the card-issuing bank still fails to return it after two collections for more than 3 months, it is suspected of malicious overdraft. Cardholders can explain to the bank their willingness to repay, the fact that they are temporarily unable to pay off their credit card debts, and their future repayment plans, and banks will generally grant relief.

According to Article 7 of the "Regulations on the Supervision and Administration of Credit Card Business of Commercial Banks": A credit card refers to a credit card that records cardholder account information, has bank credit lines and overdraft functions, and provides cardholders with relevant banking services. All types of media.

Credit cards stipulated in the relevant laws of our country ("Interpretation of the Standing Committee of the National People's Congress on Relevant Credit Card Regulations") refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, transfer settlement , deposit and withdrawal of cash and other full or partial functions of electronic payment cards [1-2]. On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the standard English name of credit cards is CreditCard.

Credit card consumption is a non-cash transaction payment method. There is no need to pay cash when consumption, and repayment will be made on the billing date (BillingDate).

Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the prescribed credit limit. The so-called credit card generally refers to a credit card only.

Starting from January 1, 2021, the credit card overdraft interest rate will be determined independently by the card issuer and the cardholder through independent negotiation, and the upper and lower limit management of credit card overdraft interest rates will be cancelled. The daily interest rate is 0.7 times 5/10,000).

On May 25, 2021, the Supreme People’s Court issued and implemented the “Regulations of the Supreme People’s Court on Several Issues Concerning the Trial of Bank Card Civil Cases.”

What should I do if my credit card cannot be paid?

1. Use the delayed service provided by the bank

If you only occasionally have to pay back the loan, and the funds are only one or two days away from arriving in your account for repayment, you should make full use of the bank's deferred repayment service. Now most banks have one to three days of deferred repayment service. As for the specifics It's one day or three days. Each bank is different. You have to consult customer service in person. Sometimes an extension of one to three days is very important to us!

2. Installment or minimum repayment

If you really can’t pay the credit card, or you really can’t pay it off in the short term If you still can't pay the credit card, in this case, you can consider credit card installment or repay the minimum payment amount. These two methods are not encouraged. However, if you really can't pay the credit card and don't want to affect your personal credit record, these are the only two methods. This method is the most reliable. Although you have to pay a certain amount of interest to the bank, it also avoids the credit stain caused by overdue payment.

3. Effectively change the bill date

If you budget in advance that you may not be able to repay a certain credit card at that time, you can apply to the bank to change the bill before the bill comes out. day to achieve the purpose of extending the repayment period. For example, the billing date is the 10th. I found out 5 days ago that I might not be able to repay the loan for some reason. I immediately called the credit card customer and applied to change the billing date to 2/ It can be done on March 4th. In this way, no bill will be issued this month. After the application for bill change is successful, the bill will not be issued until February 3/4 of next month. This will extend our repayment by one month. time.

Of course, changing the billing date is not something you can just change. Each bank has different regulations. You need to consult the bank to confirm the specific rules. For my Bank of Communications and China Merchants Bank credit cards, I applied to change the billing date. At that time, it was because I had to go back to my hometown during the Chinese New Year, and the network was not smooth, so it was inconvenient to repay! So I applied to change the bill date and postponed the repayment time for a month!

4. Ask friends or family members to provide it

Find a friend or family member to make a living, borrow some money to repay the loan in full, and then repay the friend's money and favors when you have enough money. Of course, this method can only be used occasionally.

5. Use the card to support the card, use it with caution!

There is another method, which is to use the card to support the card, which is not recommended. For example, if the limit of my Minsheng Credit Card is 5W, and the current available limit is 3W, and the billing day is the 24th, and today happens to be the billing day, then I can use some special channels to use the 3W available limit. Come out and first pay off the Agricultural Bank of China credit card of 1.6W that needs to be repaid on August 1 and the Ping An Credit Card of 13,196 yuan that needs to be repaid on August 4. As for the 30,000 I borrowed, the bill was not issued until August 24th and the payment was made on September 13th. The time difference of more than 40 days was enough for me to transfer other credit cards.

This is just an example and is not recommended. Moreover, there is no better TX channel now, and the bank's risk control is also very strict, so use it with caution. It can only be used occasionally for emergencies. Do not try to use it often, otherwise There is a risk of having your credit limit reduced or your card frozen, so be careful!