When I faced debt for the first time in my life and it was overdue on a large scale, I went through the following stages:

Beginning: feeling anxious, restless, and helpless

In December 2020, funds began to be unable to be turned around, and overdue funds entered an outbreak period. Two credit cards, Huabei, Weilidai, and Haier Finance (tuition installment) faced such a situation for the first time. Feeling uneasy and anxious, I don’t know what to do:

I haven’t paid yet, what will my parents say to me if they know I have so many debts, and what will my friends think of me if they know I have so much debt?

I haven’t paid my dues yet. What will happen to my credit report? Will the bank sue me? Will I be blacklisted? Will I go to jail?

The bank has so many calls every day. Will the new company know about it? Fire me

How can I pay it off quickly...

I don’t want my family to worry, I want to resolve it myself, and get rid of conflicts that I have no way of starting.

Outbreak period: Debt collection calls from all directions, threats and phone calls from parents receiving credit cards.

Credit cards, Weilidai, Huabei, different people call every day to collect collection, and pay it back by a certain amount. If you can't pay it back, what kind of responsibilities will you be responsible for? All kinds of intimidation and threats. With a bad attitude, no amount of negotiation can be done.

The phone calls I didn’t answer every day began to affect my mood and work. I started to answer them once a week. The consequence of me receiving less phone calls is that my parents have constant calls every day. My parents started asking me what was going on, and my dad started blaming me for no reason because he was bothering my brother.

Sad, scared, helpless ~

I began to wonder: Is there any way to make money, is there a way to get rich overnight, will pie fall from the sky, is there any way to make money? There is no chance to make quick money. As a pretty girl, is there any chance to make money lying down? Or just agree to that person and only care about money...

My mind wanders. All kinds of messy thoughts, good and bad. The last thought was to hold back and not do it.

Looking for solutions in various aspects

During the Chinese New Year, except for the first and second days of the new year, there are no phone calls, and there are constant calls at other times. My parents can no longer stand this kind of harassment. Start looking for a quick fix.

Here, I am particularly fortunate that I did not repay the loan with a loan. We also remind everyone not to repay debts with loans. Repaying debts with loans will only compound interest, and the debt will only increase.

I began to search on Baidu and Toutiao how people who were in debt like me solved the problem and what better way to deal with it. The following is how to deal with it in sequence:

1: Credit card debts exceeding RMB 50,000 will be dealt with first. If it exceeds 50,000, the bank can charge you with credit card fraud. No matter how hard you try to get it to less than 50,000, even if you have to pay back 10 yuan to make the credit card overdraft less than 50,000.

2: Prioritize credit card repayments, tell the bank that you are willing to repay, but the current conditions are restrictive, and negotiate with the bank to suspend interest and repay in installments. If you don't agree, just ignore it. If you don't have the ability to repay it in full, don't pay it back until the bank agrees.

The four major banks (Bank of China, Construction, Agriculture, Industry and Commerce) are basically unable to negotiate, and the crackdown is relatively severe, so other banks must give priority to repay.

3: If you borrow money from Alipay, you must actively repay it. Borrowing money is also included in the personal credit report.

4: Whether Huabei is included in the personal credit report, Weilidai is not included in the personal credit report, and the amount should not exceed 50,000, and the willingness to repay is indicated. The penalty interest is relatively high, and interest payments must be suspended in installments. Want to talk.

5: For other platform loans, annual interest rates exceeding 24 are illegal and are not protected by law. If you have filled in the phone numbers of your family and friends, tell them in advance not to answer. If you don’t have money, pay it back last and resist the pressure of debt collection. In the end, we will negotiate with you and reduce the interest.

Remember not to repay once with a loan

Since I started to take on debt, I started to receive information from various loan platforms.

Since I am usually cautious and do not trust these loans online, I have always ignored them. Fortunately, I didn't believe it, so I didn't enter the endless loop of compound interest.

When I was searching for how to solve debts, I saw that many netizens didn’t understand at first, and they kept cashing out, taking out this card to pay off another card, and taking online loans to pay off, resulting in a debt of tens of thousands. to hundreds of thousands, and in the end it couldn't be solved.

To a certain extent, I have it, but it’s not serious, and I don’t have it on other platforms. I’m glad that I withstood such pressure.

Written at the end: When you find that your credit card, Huabei, Jiebei, Weilidai, etc. exceed your monthly income, stop using it immediately and actively repay it. After all, being overdue will affect your credit, and you won’t be able to get a loan to buy a house or a car within five years.

If you are already in debt, don’t panic, don’t pay off your debt with a loan, make a list of what needs to be repaid, how much, and know what’s best.

It doesn’t matter if you are in debt. If you work hard and make money, you will get better.

If you find it useful, remember to give me a like

(all derived from the author’s personal experience)