Mary Bell Carlson, an adjunct faculty member in the College of Family and Consumer Sciences, was quoted in WalletHub about credit card payments.
WalletHub’s recent survey about credit cards found that 16 percent of respondents believe they will miss at least one credit card due date in 2019. Nine in 10 people who have tried to get a credit card late fee waived were successful, and 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. People ages 18-44 are most worried about missing credit card payments, while the 45-59 demographic is most concerned about their mortgage, and those older than 59 put tax payments as their biggest worry. People with high income are twice as likely to miss a payment due to forgetfulness as people with low income. Retirees are five times less likely than full-time employed people to think they will miss a credit card payment in 2019.
Carlson, who is in the college’s financial planning, housing and consumer economics department, had advice for those worried about missing a payment.
“Make at least the minimum payment,” she said. “If you can’t make even that amount, call the credit card company and work out an option that you can afford. Be proactive. Don’t wait until after the due date to call; you are more likely to have better results if you call before the due date.”