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Oct 19, 2021

Question of the Day: What is #1 reason that people give for paying their credit card bill late?

Answer: They forgot!

Questions:

  • 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? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

 

Behind the numbers (WalletHub):

"In a nationally representative survey conducted by WalletHub, over 18 percent of respondents said they believe they will miss at least one credit card due date in 2021. That works out to about 47 million Americans.

Missing a credit card payment can start a chain reaction of negative events. First off, there are late fees of up to $29 for a first offense and $40 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. 

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

 

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Help your students understand the consequences of not paying their credit card bill on time with this NGPF Fine Print: Credit Card Agreement. 

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About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.

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