Vietnamese man not charged $352,000 in highly controversial credit card debt case

March 26, 2024

Vu elaborated that Eximbank issued its policies on credit card interest and fees based on market practices and similar products available in Vietnam. However, the bank staff might have adopted an inflexible formula when calculating the credit card interest and fees for P.H.A., Vu said. Photo: Chau Tuan / Tuoi TreSeveral credit card issuers, including Eximbank, use a compound interest formula to work out how much money the cardholder will owe, Tuan explained. When applying the compound formula to calculate credit card interest, lenders should ensure the rights and interests of their customers, the SBV official suggested. In mid-March, P.H.A, hailing from northern Quang Ninh Province, was notified by Eximbank that he owed a credit card debt of VND8.8 billion.

The source of this news is from Tuoi Tre News