Posted by: John S Kiernan

Americans are known for being big spenders…sometimes, too big. With an average household credit card balance of more than $8,200, many people now cannot keep up with the payments on their debt. In a nationally representative survey conducted by WalletHub, nearly 16 percent of respondents said they believe they will miss at least one credit card due date in 2019. That works out to about 40 million Americans.

Missing a credit card payment can start a chain reaction of negative events. First off, there are late fees of up to $28 for a first offence and $39 for another within six months. In addition, cardholders not already carrying a balance between months will lose their grace period, and interest will start accruing immediately on both new purchases and the unpaid balance. There might also be a high penalty APR on new purchases, depending on the issuer, and this rate can be applied to all balances after the cardholder is 60-days past-due on payment. Lastly, if the credit card issuer reports a late payment to the credit bureaus after it’s 30 days late, it will cause damage to the cardholder’s credit score. This can lead to higher costs and fewer borrowing opportunities in the future.

Missing a credit card payment is dangerous, but its negative effects can sometimes be quickly countered. WalletHub’s survey found that 9 of 10 people who tried to get a late fee waived in the past were successful.

Below are some more of highlights of WalletHub’s survey, along with additional insight from a panel of experts. {article_social_buttons} Embed on your website<a href="http://bit.ly/2Gurb3T"> <img src="//d2e70e9yced57e.cloudfront.net/wallethub/posts/58876/2019-late-payment-survey-v5.png" width="700" height="5500" alt="" /> </a> <div style="width:700px;font-size:12px;color:#888;">Source: <a href="http://bit.ly/2NbfSy1>

Key Stats

• Credit card issuers are forgiving…if you ask nicely. 9 in 10 people who have tried to get a credit card late fee waived were successful. Women are 17 percent more likely to have tried to get a fee waived than men, and are also 2 percent more likely to have been successful.
• Payment priorities change with age. People aged 18 to 44 are most worried about missing credit card payments. The 45-59 demographic is most concerned about their mortgage, while those over 59 put tax payments as their biggest worry.
• Men and women react differently to fees. When asked about their attitudes toward getting a late fee, women are more likely than men to feel “irresponsible,” “ashamed” or “punished .” On the other hand, men are more likely than women to feel “angry” or “indifferent. ”
• Luxury can lead to lapses. People with high income are twice as likely to miss a payment due to forgetfulness as people with low income. ”
• Retirees are not concerned. Retirees are five times less likely than full-time employed people to think they will miss a credit card payment in 2019.

Ask the Experts: Late Payment Lessons

People miss due dates for bills sometimes, whether due to forgetfulness, lack of funds or some other reason. It may seem like a simple fact of life, but there’s often a lot more to the story, including far-reaching implications for all of our wallets. To gain further insight on missed payments and the late fees that can come with them, we posed the following questions to a panel of experts. Click on the experts’ profiles to read their bios and responses.

1. WalletHub’s survey found that 16% of adults say they will miss at least one credit card due date in 2019; what does that tell you, and would you expect the figure to be higher or lower?
2. Do you have any tips for people who are worried about potentially missing credit card due dates?
3. Does it surprise you that 9 in 10 people who have tried to get a credit card late fee waived have been successful at least once?
4. Why do you think 2.7 times more people are worried about missing a credit card payment than an electricity payment this winter?
5. Why do you think people who earn at least $100,000 per year are twice as likely to miss a payment due to forgetfulness than people who make less than $25,000 per year?

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• James Butkiewicz Ph.D. – Professor and Chair, Department of Economics, Alfred Lerner College of Business & Economics University of Delaware
• Lola Neudecker CPA, CIA, CFE, CGAP, CMA, CFM, CGMA, CFF – Retired Accounting Professional, University of New Mexico
• Laura Wolff Instructor, Southern Illinois University Edwardsville
• Katherine L. Jackson Ph.D. – Professor, School of Business, Truman State University
• Nikolaos Artavanis Assistant Professor, University of Massachusetts Amherst
• Mary Bell Carlson Ph.D., CFP®, AFC® – Financial Planning Brand Marketing Representative, College of Family and Consumer Science, University of Georgia

Survey Methodology

WalletHub conducted this nationally representative survey with over 500 respondents from 1/7/19 to 1/14/19. We weighted the statistical results to correct for demographic discrepancies. The margin of error for the total respondents is plus or minus 4.38 percent at a confidence level of 95%.

Full Details Overall

What is your preferred payment method for large purchases?
Credit card	55%
Debit card	32%
Cash	10%
Check	3%
What’s your main motivation for using your preferred payment method for large purchases?
Easiest/quickest option	29%
Avoiding credit card debt	27%
Earning rewards	26%
Can pay off over time	11%
Fraud/security	7%
What do you consider a large purchase?
Over $100	30%
Over $250	27%
Over $500	25%
Over $1000	18%
Do you worry about maxing out your card or overdrafting your account when making a large purchase?
No	66%
Yes	34%
Have you ever maxed out a credit card in order to make a large purchase?
No	64%
Yes, once	24%
Yes, more than once	12%
Do you spend more time planning for a large purchase or paying it off?
Planning	65%
Paying it off	35%
Why would you most likely miss a credit card payment?
Forget	46%
Don't have enough money	29%
Traveling	9%
No late fees	9%
Too busy	8%
Do you think you will miss at least 1 credit card due date in 2019?
No	84%
Yes	16%
What do you worry about missing the most?
Credit card payment	29%
Mortgage payment	27%
Tax payment	17%
Electricity payment	11%
Auto loan payment	10%
Cable payment	4%
How would being charged a late fee on your credit card make you feel?
Irresponsible	40%
Mad	30%
Ashamed	14%
Punished	11%
Indifferent	6%
Have you ever tried to get a credit card late fee waived?
No	55%
Yes	45%
Were you successful?
Yes	91%
No	9%

Full Details - By Age

What is your preferred payment method for large purchases?
Age	18 - 29	30 - 44	45 - 59	59+
Credit card	47%	58%	50%	66%
Debit card	45%	27%	36%	21%
Cash	7%	12%	13%	6%
Check	1%	3%	1%	7%
What’s your main motivation for using your preferred payment method for large purchases?
Age	18 - 29	30 - 44	45 - 59	59+
Easiest/quickest option	37%	27%	29%	24%
Avoiding credit card debt	25%	32%	28%	22%
Earning rewards	17%	25%	24%	36%
Can pay off over time	14%	11%	13%	6%
Fraud/security	7%	4%	6%	12%
What do you consider a large purchase?
Age	18 - 29	30 - 44	45 - 59	59+
Over $100	42%	28%	30%	21%
Over $250	26%	28%	28%	25%
Over $500	18%	28%	26%	27%
Over $1000	13%	16%	15%	28%
Do you worry about maxing out your card or overdrafting your account when making a large purchase?
Age	18 - 29	30 - 44	45 - 59	59+
No	53%	58%	64%	87%
Yes	47%	42%	36%	13%
Have you ever maxed out a credit card in order to make a large purchase?
Age	18 - 29	30 - 44	45 - 59	59+
No	65%	54%	56%	80%
Yes, once	28%	34%	24%	11%
Yes, more than once	7%	13%	20%	9%
Do you spend more time planning for a large purchase or paying it off?
Age	18 - 29	30 - 44	45 - 59	59+
Planning	65%	62%	60%	74%
Paying it off	35%	38%	40%	26%
Why would you most likely miss a credit card payment?
Age	18 - 29	30 - 44	45 - 59	59+
Forget	48%	39%	42%	55%
Don't have enough money	31%	39%	32%	13%
Traveling	5%	5%	9%	16%
No late fees	9%	8%	9%	10%
Too busy	8%	10%	8%	6%
Do you think you will miss at least 1 credit card due date in 2019?
Age	18 - 29	30 - 44	45 - 59	59+
No	80%	79%	85%	92%
Yes	20%	21%	15%	8%
What do you worry about missing the most?
Age	18 - 29	30 - 44	45 - 59	59+
Credit card payment	37%	33%	23%	26%
Mortgage payment	14%	33%	36%	25%
Tax payment	12%	9%	16%	31%
Electricity payment	11%	12%	9%	11%
Auto loan payment	18%	8%	12%	5%
Cable payment	8%	4%	4%	2%
How would being charged a late fee on your credit card make you feel?
Age	18 - 29	30 - 44	45 - 59	59+
Irresponsible	49%	43%	41%	28%
Mad	17%	30%	29%	41%
Ashamed	20%	14%	12%	10%
Punished	7%	9%	13%	14%
Indifferent	8%	5%	6%	6%
Have you ever tried to get a credit card late fee waived?
Age	18 - 29	30 - 44	45 - 59	59+
No	75%	56%	49%	43%
Yes	25%	44%	51%	57%
Were you successful?
Age	18 - 29	30 - 44	45 - 59	59+
Yes	75%	95%	91%	92%
No	25%	5%	9%	8%

Full Details - By Gender

What is your preferred payment method for large purchases?
	Female	Male
Credit card	54%	56%
Debit card	36%	27%
Cash	7%	12%
Check	2%	4%
What’s your main motivation for using your preferred payment method for large purchases?
	Female	Male
Easiest/quickest option	28%	29%
Avoiding credit card debt	29%	25%
Earning rewards	24%	28%
Can pay off over time	12%	10%
Fraud/security	7%	7%
What do you consider a large purchase?
	Female	Male
Over $100	31%	28%
Over $250	30%	24%
Over $500	23%	28%
Over $1000	16%	20%
Do you worry about maxing out your card or overdrafting your account when making a large purchase?
	Female	Male
No	65%	67%
Yes	35%	33%
Have you ever maxed out a credit card in order to make a large purchase?
	Female	Male
No	66%	61%
Yes, once	22%	26%
Yes, more than once	12%	13%
Do you spend more time planning for a large purchase or paying it off?
	Female	Male
Planning	66%	65%
Paying it off	34%	35%
Why would you most likely miss a credit card payment?
	Female	Male
Forget	44%	48%
Don't have enough money	30%	27%
Traveling	8%	10%
No late fees	8%	10%
Too busy	10%	6%
Do you think you will miss at least 1 credit card due date in 2019?
	Female	Male
No	84%	85%
Yes	16%	15%
What do you worry about missing the most?
	Female	Male
Credit card payment	31%	27%
Mortgage payment	27%	28%
Tax payment	16%	18%
Electricity payment	11%	11%
Auto loan payment	11%	10%
Cable payment	3%	5%
How would being charged a late fee on your credit card make you feel?
	Female	Male
Irresponsible	41%	39%
Mad	28%	31%
Ashamed	15%	12%
Punished	13%	9%
Indifferent	4%	8%
Have you ever tried to get a credit card late fee waived?
	Female	Male
No	52%	59%
Yes	48%	41%
Were you successful?
	Female	Male
Yes	91%	90%
No	9%	10%

Full Details - By Income

What is your preferred payment method for large purchases?
	High Income	Low Income	Medium Income
Credit card	75%	31%	59%
Debit card	19%	47%	29%
Cash	5%	21%	8%
Check	2%	1%	4%
What’s your main motivation for using your preferred payment method for large purchases?
	High Income	Low Income	Medium Income
Avoiding credit card debt	18%	37%	33%
Earning rewards	43%	11%	24%
Easiest/quickest option	21%	33%	28%
Can pay off over time	12%	17%	12%
Fraud/security	5%	2%	4%
What do you consider a large purchase?
	High Income	Low Income	Medium Income
Over $250	23%	32%	34%
Over $100	21%	40%	28%
Over $500	30%	21%	25%
Over $1000	26%	7%	14%
Do you worry about maxing out your card or overdrafting your account when making a large purchase?
	High Income	Low Income	Medium Income
No	83%	46%	64%
Yes	17%	54%	36%
Have you ever maxed out a credit card in order to make a large purchase?
	High Income	Low Income	Medium Income
No	71%	52%	61%
Yes, once	22%	36%	22%
Yes, more than once	7%	11%	17%
Do you spend more time planning for a large purchase or paying it off?
	High Income	Low Income	Medium Income
Planning	71%	62%	62%
Paying it off	29%	38%	38%
Why would you most likely miss a credit card payment?
	High Income	Low Income	Medium Income
Forget	55%	26%	49%
Don't have enough money	8%	55%	31%
No late fees	13%	7%	9%
Too busy	12%	13%	4%
Traveling	12%	0%	6%
Do you think you will miss at least 1 credit card due date in 2019?
	High Income	Low Income	Medium Income
No	90%	74%	83%
Yes	10%	26%	17%
What do you worry about missing the most?
	High Income	Low Income	Medium Income
Credit card payment	28%	27%	37%
Mortgage payment	29%	19%	27%
Tax payment	30%	11%	12%
Electricity payment	5%	20%	10%
Auto loan payment	5%	16%	10%
Cable payment	3%	7%	4%
How would being charged a late fee on your credit card make you feel?
	High Income	Low Income	Medium Income
Irresponsible	42%	38%	36%
Mad	35%	27%	33%
Ashamed	13%	10%	14%
Punished	7%	12%	13%
Indifferent	3%	13%	4%
Have you ever tried to get a credit card late fee waived?
	High Income	Low Income	Medium Income
No	44%	62%	52%
Yes	56%	38%	48%
Were you successful?
	High Income	Low Income	Medium Income
Yes	90%	84%	87%
No	10%	16%	13%

Full Details - By Employment Status

What is your preferred payment method for large purchases?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
Credit card	56%	52%	67%	43%
Debit card	32%	41%	18%	39%
Cash	9%	4%	9%	18%
Check	3%	3%	5%	0%
What’s your main motivation for using your preferred payment method for large purchases?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
Easiest/quickest option	26%	37%	26%	34%
Avoiding credit card debt	30%	27%	18%	27%
Earning rewards	27%	25%	28%	18%
Can pay off over time	12%	9%	10%	12%
Fraud/security	5%	2%	18%	8%
What do you consider a large purchase?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
Over $100	30%	40%	11%	42%
Over $250	26%	31%	32%	22%
Over $500	26%	20%	32%	19%
Over $1000	18%	9%	26%	17%
Do you worry about maxing out your card or overdrafting your account when making a large purchase?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
No	65%	49%	91%	56%
Yes	35%	51%	9%	44%
Have you ever maxed out a credit card in order to make a large purchase?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
No	59%	55%	82%	67%
Yes, once	28%	31%	11%	17%
Yes, more than once	13%	14%	7%	15%
Do you spend more time planning for a large purchase or paying it off?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
Planning	61%	73%	75%	63%
Paying it off	39%	27%	25%	37%
Why would you most likely miss a credit card payment?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
Forget	49%	37%	52%	37%
Don't have enough money	27%	36%	13%	47%
Traveling	7%	8%	22%	1%
No late fees	9%	9%	8%	7%
Too busy	8%	11%	5%	7%
Do you think you will miss at least 1 credit card due date in 2019?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
No	84%	77%	97%	79%
Yes	16%	23%	3%	21%
What do you worry about missing the most?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
Credit card payment	31%	34%	19%	29%
Mortgage payment	31%	23%	25%	21%
Tax payment	14%	17%	33%	10%
Electricity payment	10%	9%	13%	15%
Auto loan payment	9%	13%	8%	18%
Cable payment	5%	4%	2%	6%
How would being charged a late fee on your credit card make you feel?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
Irresponsible	41%	46%	32%	42%
Mad	30%	29%	36%	21%
Ashamed	15%	13%	7%	14%
Punished	10%	5%	16%	12%
Indifferent	4%	6%	9%	11%
Have you ever tried to get a credit card late fee waived?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
No	53%	60%	51%	64%
Yes	47%	40%	49%	36%
Were you successful?
Employment Status	Full-time employed	Part-time employed	Retired	Unemployed
Yes	92%	94%	89%	85%
No	8%	6%	11%	15%

Full Details - By Education Level

What is your preferred payment method for large purchases?
Education Level	College	Graduate school	High school
Credit card	58%	71%	42%
Debit card	33%	19%	38%
Cash	6%	8%	16%
Check	3%	2%	4%
What’s your main motivation for using your preferred payment method for large purchases?
Education Level	College	Graduate school	High school
Easiest/quickest option	29%	28%	29%
Avoiding credit card debt	25%	18%	35%
Earning rewards	26%	36%	19%
Can pay off over time	11%	8%	13%
Fraud/security	8%	11%	4%
What do you consider a large purchase?
Education Level	College	Graduate school	High school
Over $100	30%	25%	32%
Over $250	25%	26%	30%
Over $500	21%	32%	27%
Over $1000	23%	17%	11%
Do you worry about maxing out your card or overdrafting your account when making a large purchase?
Education Level	College	Graduate school	High school
No	67%	76%	58%
Yes	33%	24%	42%
Have you ever maxed out a credit card in order to make a large purchase?
Education Level	College	Graduate school	High school
No	65%	75%	54%
Yes, once	25%	17%	28%
Yes, more than once	10%	7%	18%
Do you spend more time planning for a large purchase or paying it off?
Education Level	College	Graduate school	High school
Planning	68%	72%	58%
Paying it off	32%	28%	42%
Why would you most likely miss a credit card payment?
Education Level	College	Graduate school	High school
Forget	49%	47%	40%
Don't have enough money	27%	9%	43%
Traveling	7%	21%	4%
No late fees	10%	10%	6%
Too busy	7%	13%	6%
Do you think you will miss at least 1 credit card due date in 2019?
Education Level	College	Graduate school	High school
No	86%	90%	78%
Yes	14%	10%	22%
What do you worry about missing the most?
Education Level	College	Graduate school	High school
Credit card payment	29%	27%	32%
Mortgage payment	31%	22%	26%
Tax payment	17%	31%	10%
Electricity payment	10%	7%	14%
Auto loan payment	9%	8%	14%
Cable payment	4%	5%	4%
How would being charged a late fee on your credit card make you feel?
Education Level	College	Graduate school	High school
Irresponsible	43%	39%	36%
Mad	28%	31%	31%
Ashamed	14%	13%	14%
Punished	11%	8%	12%
Indifferent	4%	10%	7%
Have you ever tried to get a credit card late fee waived?
Education Level	College	Graduate school	High school
No	59%	52%	51%
Yes	41%	48%	49%
Were you successful?
Education Level	College	Graduate school	High school
Yes	90%	88%	92%
No	10%	12%	8%

Full Details - By Political Affiliation

What is your preferred payment method for large purchases?
Political Affiliation	Democrat	Independent	Republican
Credit card	63%	51%	53%
Debit card	32%	31%	34%
Cash	4%	12%	13%
Check	1%	6%	1%
What’s your main motivation for using your preferred payment method for large purchases?
Political Affiliation	Democrat	Independent	Republican
Easiest/quickest option	29%	29%	29%
Avoiding credit card debt	28%	28%	24%
Earning rewards	23%	27%	27%
Can pay off over time	13%	7%	15%
Fraud/security	6%	10%	5%
What do you consider a large purchase?
Political Affiliation	Democrat	Independent	Republican
Over $100	29%	32%	26%
Over $250	31%	25%	25%
Over $500	20%	26%	30%
Over $1000	20%	16%	18%
Do you worry about maxing out your card or overdrafting your account when making a large purchase?
Political Affiliation	Democrat	Independent	Republican
No	64%	67%	67%
Yes	36%	33%	33%
Have you ever maxed out a credit card in order to make a large purchase?
Political Affiliation	Democrat	Independent	Republican
No	65%	65%	59%
Yes, once	22%	24%	27%
Yes, more than once	12%	11%	14%
Do you spend more time planning for a large purchase or paying it off?
Political Affiliation	Democrat	Independent	Republican
Planning	70%	61%	66%
Paying it off	30%	39%	34%
Why would you most likely miss a credit card payment?
Political Affiliation	Democrat	Independent	Republican
Forget	50%	45%	41%
Don't have enough money	27%	30%	28%
Traveling	11%	9%	7%
No late fees	6%	8%	15%
Too busy	6%	8%	10%
Do you think you will miss at least 1 credit card due date in 2019?
Political Affiliation	Democrat	Independent	Republican
No	83%	87%	82%
Yes	17%	13%	18%
What do you worry about missing the most?
Political Affiliation	Democrat	Independent	Republican
Credit card payment	32%	26%	30%
Mortgage payment	24%	32%	24%
Tax payment	16%	19%	18%
Electricity payment	12%	10%	12%
Auto loan payment	11%	9%	12%
Cable payment	6%	3%	4%
How would being charged a late fee on your credit card make you feel?
Political Affiliation	Democrat	Independent	Republican
Irresponsible	40%	38%	43%
Mad	27%	32%	29%
Ashamed	13%	16%	11%
Punished	14%	9%	8%
Indifferent	6%	4%	9%
Have you ever tried to get a credit card late fee waived?
Political Affiliation	Democrat	Independent	Republican
No	53%	58%	53%
Yes	47%	42%	47%
Were you successful?
Political Affiliation	Democrat	Independent	Republican
Yes	84%	94%	95%
No	16%	6%	5%

Note: Percentages may not total 100% due to rounding.

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