The main danger of a credit card

The main danger of a credit card lies in the fact that, unlike a consumer loan, it has no maturities. As long as you make the minimum payment on time, the bank restores your credit limit without hindrance, and you continue to use the card for years and even decades.

Another danger lies in wait for the owner of the credit card - a fine if the payment was not made in advance or was not paid in full.

Only the one who clenches his will and demonstrates good self-discipline can get out of the "credit web": he will increase the payment on the card whenever possible and will not touch the card limit, or in one sitting he will pay off the entire loan and close the card.

By signing the agreement, the borrower undertakes to make payments on time. Failure to meet the payment deadline may result in:

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Penalties (0.1% of the amount of the missed payment for each day of delay);

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Cancellation of the grace period - you will have to pay interest for the entire time the money is used;

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Blocking the limit until full redemption (in case of a systematic violation, the card will work only for depositing funds);

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Submitting negative information about the duration and number of delinquencies to the credit bureaus;

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The debt can be transferred to collectors or collected through the courts.

Try to make all necessary payments on time, without delaying until the last moment. Please note that with some methods of replenishing a credit card, crediting may not be instantaneous (for example, when transferring from another bank using the account details).

In addition, every credit card holder should start using a variety of services on this click here site. Wish you luck