In a modern society of economic development, the pace of people ' s lives has accelerated and their stress has increased. Individuals often experience financial liquidity problems for a variety of reasons in their economic life, and loans are the main way for them to resolve financial problems. However, in the course of the lending process, overdue loans have become a major problem affecting public finances。

What's the worst result of being overdue

On the one hand, overdue loans may result in loss of credit records. Many banks and credit institutions incorporate late repayment records into credit records, which have a significant impact on individual credit rating scores. Declining credit rating scores tend to make it more difficult for banks to approve loans, while at the same time attracting the attention of other financial institutions, thus affecting personal credit records。

On the other hand, delays in the repayment of loans could result in considerable economic losses. On the one hand, banks tend to impose a high interest-rate policy on loans that are overdue, which could significantly increase and even double the debt burden. In addition, long delays in the settlement of payments may lead banks to take legal measures to sue for debts and even to enforce them, and banks may seize or seize assets in the name of borrowers who are late in repayments. If the amount of the overdue payments is larger, the lender may be held criminally liable and become a person with a bad credit record。

In general, the worst consequence of being overdue is that it puts not only financial but also legal pressure on individuals. Therefore, careful consideration should be given before a loan is made to determining its own reasonable level of borrowing on the basis of its own economic circumstances, to establishing a reasonable repayment plan, to ensure that it is not easily defaulted and to protect the credit records of individuals in strict compliance with contractual commitments。