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Credit card: what happens if I don’t pay my debt on time

If, like many Peruvians, plastic money has become an alternative for your expenses and in your wallet you have one or more Credit cardsIt turns out that it is almost certain that being up to date on your payments should be one of your priorities and your main concerns.

But, if there have been months in which you had to adjust your accounts as much as possible to meet your payment commitments and on more than one occasion you asked yourself what could happen if I don’t pay my debts on time? You should know that not only you credit ‘score’ You will be at risk, your pockets will also be affected because your debts will increase.

How? For starters, the consequences of not keeping up with your debts you will not only see them in the short term, It will also bring you problems in the future, that is, in the long term.

In the short term, you will see the consequence of your default reflected only the day after the payment date has expired. And is that all financial entities will charge you for the call “Penalty for non-payment”.

In the case of Banco Falabella, what must be paid for the delay ranges between S / 49 and S / 120, but the final amount will depend on how many days late the person carrying the card is.

In this regard, Interbank recalls that the penalty for non-payment will be charged from the day after your payment date in case you are in default, and will continue to be charged every 31 days.

“The commission percentage (for late payment) for all our credit cards it is 9.5% of the minimum payment of the month, minimum S / 50 and maximum S / 120 “, they affirm.

And, almost as a rule, the penalty commission will be reported in the following statement of account, having to be canceled on the corresponding date.

If you have a savings account at the same financial institution that issued your credit card and you did not make your payment on time, financial institutions –as in the case of Interbank– may automatically make debt compensation. “We will deduct your debt from your savings account”, they indicate.

And, financial entities can adopt this measure because it is established by numeral 11 of article 132 of the General Law of the Financial System and the Insurance and Organic System of the Superintendency of Banking, Insurance and AFP (SBS) – Law No. 26702.

But, in addition to accruing in favor of the bank, default interest, compensatory, and expenses, the bank will proceed to report it to the SBS Risk Center and because the ‘score’ will depend on the days of delay, the regulatory body handles five risk categories: normal (0), potential problems (1), poor (2), doubtful (3) and loss (4).

Because credit cards are considered consumer loans, the ‘normal’ category is granted when the customer pays on time or registers a maximum delay of eight calendar days; and that of ‘potential problems’ considers payment arrears, from 9 to 30 calendar days.

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