According to the regulations of the bank, once the cardholder fails to return the corresponding amount after the final repayment period, the cardholder needs to pay the corresponding interest and late fees, and may be entered into a bad credit record by the bank.
Extended data:
Failure to repay at maturity may not only cause legal disputes, but also bear high penalty interest. The most important thing is to form a bad credit record, which will adversely affect future work and life.
Consequences of overdue repayment of credit cards 1:
After a credit card with high penalty interest defaults, the penalty interest fees usually involved are revolving interest fees and late fees. The essence of revolving credit is a small, unsecured loan with daily interest. If the repayment is not made in full on the last repayment date, revolving credit interest will be generated on the next statement, and the interest needs to be calculated from the date when the consumption is recorded.
Consequence 2 of overdue repayment of credit card:
The violent collection of credit cards that caused legal disputes has become a hot topic. Many bank credit card centers outsource the collection of credit card repayment to some so-called "debt collection companies". These companies are mixed, and the debt collection methods are rough, which brings great trouble to customers.
Not only that, the defaulting customer may also face legal disputes. According to the provisions of the Criminal Law, a credit card with a malicious overdraft of more than 5,000 yuan will not be repaid after three months of collection by the bank. If the circumstances are serious, criminal responsibility may also be investigated for fraud.
Consequence 3 of overdue repayment of credit card:
Leave a "credit stain" in the national credit information system. In 2006, the central bank established a national unified enterprise and individual credit information basic database.
As long as you have applied for a card or borrowed money from a bank, your own "credit report" will be automatically generated in the system. The "stain" in this report can't be ignored, and it will affect all kinds of applications for loans, insurance, job hunting and studying abroad. Bad records are generally kept abroad for 7 years.
Source: Baidu Encyclopedia-Credit card repayment