Detailed description:
1. Debt is not only principal, but also interest and liquidated damages. Overdue repayment usually leads to high interest and late fees. Only paying the principal can't completely pay off the arrears, but also paying interest and fines.
2. In order to ensure the borrower's repayment on time, banks or lending institutions will generally specify the repayment method and time in the contract, including principal, interest and liquidated damages. Only paying the principal failed to perform the contract.
3. Overdue repayment will have a negative impact on personal credit records. Banks will submit overdue records to credit reporting agencies, which will lower personal credit rating and adversely affect future applications for loans and credit lines.
Summary: it is not in conformity with the contract to repay the principal after overdue repayment, and it is also impossible to completely pay off the arrears. This will not only damage personal credit records, but also increase the burden of interest and fines. Therefore, if you encounter repayment difficulties, please negotiate with the lending institution as soon as possible to make a reasonable repayment plan.
Extended data:
According to the relevant laws and regulations of our country, the borrower and the lender have agreed on various repayment methods and time in the contract, including principal, interest and liquidated damages. In the loan contract, the borrower should repay the loan on time according to the agreed repayment period and amount. If the borrower fails to repay the loan within the time limit, it shall pay overdue interest and overdue fine as agreed in the contract. At the same time, overdue repayment will have a negative impact on personal credit records and affect future applications for loans and credit lines.
Note: The above information is based on common sense and basic principles of relevant laws and regulations in China. The specific situation is different, please consult professional financial personnel or relevant legal consulting institutions to obtain accurate legal advice.