Question: What is #1 reason that people give for paying their credit card bill late?
Answer: I forgot to make the payment
- Why do you think that so many people forget to pay their credit card bill?
- What do you think are some of the consequences of not paying your bill on time?
- What are steps that you can take so you are not one of those "forgetful" people who don't pay their bills on time?
Behind the numbers (NerdWallet):
Paying a credit card bill late can be costly. According to our survey, over 1 in 5 U.S. adults (21%) have made a delinquent credit card payment of 30 days or more late. Assuming each of those adults was charged a single first-time late payment fee (a maximum of $27), that’s over $1.4 billion in fees.
Help your students understand the consequences of not paying their credit card bill on-time with this NGPF Fine Print: Credit Card Agreement.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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