With the spread of credit cards, more and more people are choosing to use them for consumption. However, if repayments were not made on time, there would be considerable consequences. Now let us analyse the consequences of the credit card default from the following angles。

What happens if you owe a credit card

1. Damage to credit records

Credit card arrears will be directly reflected in your credit records, which will affect your future credit evaluation. Credit appraisals are banks, loan companies, credit companies, credit card companies, etc., that assess the ability of lenders to act, and the purchase of homes and cars can also be affected。

2. A sharp increase in interest rates

If you fail to pay on time, you have to pay very high interest. Interest on credit cards is usually very high and increases sharply as the number of days owed increases。

3. Freezing of accounts

If you owe a credit card for a while, your credit card account will be frozen. This will mean that you will not be able to use the credit card for consumption and will need to pay off all arrears before it can be reused. If you need a credit card to deal with some of the emergency expenses, that would be very bad。

4. Routine calls

Credit card defaults. Credit card companies will keep you informed on the phone so you can pay back your debt. It's going to be a great trouble for your life. All telephone operators can transfer the telephone to the company, and frequent call calls will disturb your life and work。

5. Serious legal consequences

Credit card companies can recover their arrears by legal means. If you do not pay, they may take drastic measures, including transferring arrears to the collection company, prosecuting you, initiating legal proceedings, etc。