Many people are believed to have received similar reminders or text messages. But what are the consequences of debt? Today we're going to look at it from different angles。

First, private borrowing is not a legal offence. According to the Law of the People ' s Republic of China on Contracts, any form of contract is legally binding and is a breach of contract if the debtor is unable to pay as agreed. In addition, article 243 of the Criminal Code of the People ' s Republic of China provides that if the principal amount of the loan has not been repaid, if the circumstances are less serious, the penalty shall be imprisonment for up to five days or a fine of up to two hundred dollars; if the circumstances are more serious, the penalty shall be imprisonment for between five and ten days and a fine of up to one per cent of the principal amount of the debt or confiscation of property. If the aggravating circumstances constitute the offence of loan fraud, the penalty may be imposed。

Second, from the point of view of personal credit records, non-payment of debts can also seriously affect the credit records of individuals. Credit records are important criteria for assessing an individual ' s credibility, including an individual ' s record of borrowing, repayments, delays, etc. Banks, credit institutions, housing intermediaries will decide whether to accept an individual ' s application on the basis of a credit record. Failure to pay will also lead directly to a decline in credit records, which in turn will affect access to credit cards, loans, rentals, etc. Moreover, if credit records are severely lowered, it may also lead to the cancellation of credit cards, borrowing lines, etc. by banks, which may affect their lives。

Thirdly, from the point of view of social responsibility, non-payment of debt also means debt-servicing. In human relationships, being on credit is not a matter of glory. If the debt is not paid, it may also cause dissatisfaction with the other party and the accused may appear before the court. Some argue that “it is their business to pay the debt, but how much it is, how much it is and how much it is”. That view was erroneous and any economic activity should not be unilateral, self-serving, but should take into account the principle of mutual benefit. If that were the case for all, society as a whole could experience a serious moral loss。

Finally, there is a need to caution against “four steps” when making online loans: real loans, real repayments, real personal information and a platform of choice. In particular, the last point — the choice of the platform, its legitimacy, credibility and safety factor — is a very important consideration。

In the light of the above, debt is still illegal, has a serious impact on individual credit records, is socially responsible and should attract more attention. In addition, a number of considerations should be taken into account in the selection of borrowing platforms in order to prevent them from falling into a debt trap。