40 million people say they’ll miss at least one credit card due date in 2019

12:49 PM

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?
< > 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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