Many people often have two misunderstandings after their credit cards are overdue.
Myth 1: ignore it after the overdue period, thinking that it will be fine if you don't brush it in the future. To put it simply, you don't know how to calculate the penalty interest.
Myth 2: "After the deadline, I really have no money, but I still pay tens or hundreds of dollars a month, which shows that I have a willingness to repay, not a malicious overdraft."
According to the survey, most young people now hold more than three credit cards, and there are many kinds of online loans under their names. Because of the epidemic in 2020, people all over the country have entered a period of high overdue credit cards. According to the data released by the central bank, by the end of 2020, the total overdue amount of credit cards has reached 9 18 billion yuan, an increase of 23% over the first half of the year, but it is also a record high compared with previous years.
There are new regulations on overdue credit cards 202 1 Whether credit cards or loans are not repaid, there will be new regulations to punish these old borrowers. Let's take a look at the provisions of 202 1 on non-repayment of debts.
Provisions on overdue repayment of credit cards:
According to Article 70 of the Measures for the Supervision and Administration of Credit Cards of Commercial Banks, under special circumstances, if it is confirmed that the amount owed by the credit card exceeds the cardholder's repayment ability and the cardholder still has the willingness to repay, the cardholder may negotiate with the issuing bank to stop the installment repayment, and the personalized installment repayment period shall not exceed 5 years at the longest.
1. liquidated damages instead of late fees.
The charging standard is 5% of the unpaid part below the minimum repayment amount, and the advantage of liquidated damages is to prevent the interest from rolling.
2. Improve the sentencing standards of credit cards.
If the credit card is overdue, you may have to bear criminal responsibility. If the cardholder maliciously fails to pay the time limit, he may be prosecuted for the crime of credit card fraud, and the sentencing standard of credit card will be raised from 10000 yuan to 50000 yuan (single card principal, excluding penalty interest).
3. The minimum repayment amount is less than 10%.
The overdue repayment amount of credit card is not necessarily 10%. After the new regulations, the minimum repayment amount may be lower than 10% or even lower, depending on the bank policy.
4. Interest-free installment payment can last up to 60 months.
The minimum interest-free installment before the new regulations is 20-50 days. After the new regulations, the interest-free installment can be up to 5 years, that is, 60 months of repayment, which requires the cardholder and the bank to reach an agreement through consultation.
5. Cash withdrawal by credit card is included in the minimum repayment amount.
According to the new regulations, the cash withdrawal amount of the current month will enter the bill of the current month, and the minimum repayment amount must be paid off in one lump sum, otherwise the accounting will be overdue.
Five supporting policies for overdue personalized suspension and installment of credit cards:
First: stop collecting!
Second: stop the rise of interest and liquidated damages!
Third: the risk of stopping prosecution!
Fourth: reduce the interest, liquidated damages and other expenses that have been incurred (different bank policies are different)!
Fifth: negotiate personalized installment repayment, which can be divided into 5 years and 60 months at most!
Finally, you must adjust your mentality after you are in debt, and don't break the jar! Under the premise of legal permission, do everything possible to make money, and believe that you have the ability to owe so much, and you will be able to pay it off. It's only a matter of time before overdue card friends go ashore. Come on!
Author | Funing Consulting
give up
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