Forgetting to make a credit card payment is far from rare, with new research showing over a third (35%) of credit card holders in the UK - equivalent to 12 million people nationally - have missed paying a credit card bill in the past 12 months. 

Credit card experts Zable surveyed 2,000 UK credit card holders to explore how often people forget to make payments, why these lapses happen, and the real financial and emotional consequences that can follow.

You can read the full study here: https://zable.co.uk/money-academy/cost-of-missed-payments

An estimated 12 million credit card holders in the UK have missed at least one payment in the past 12 months.

The most common reason for missing a credit card bill was thinking the due date was later than it actually was, affecting an estimated 3 million credit card holders (25%). Similarly, an additional 25% of respondents have missed a payment due to simply forgetting.

Main reasons for missing a credit card payment:

Other contributing factors include not having enough money in the account at the time of payment (24%), temporary distractions caused by life events (22%), and assuming a payment had already been made automatically (22%).

Those who have missed credit card payments spent nearly £1.25 billion in late fees and interest last year

Zable’s findings show that of those who have missed a payment, the average reported loss is £48 per year - equivalent to four late payment fees at the industry-standard £12. When it comes to interest caused by the late payment, the average reported loss is a further £52. 

Across all credit card users who have missed payments in the UK, this would equate to nearly £1.25 billion in late fees and interest on payments that otherwise would have been made. 

26% of 18-24 year olds report anxiety and sleep disruption caused by missed credit card payments

When asked about the wider impact of missed credit card payments, around 12% of respondents reported anxiety and sleep disruption as a result of missing a payment. This more than doubles to 26% among 18-24-year-olds. In addition, nearly 2.5 million credit card holders (7%) said missed payments placed strain on their relationships.

One in seven respondents (14%) reported increased financial stress following a missed credit card payment, equivalent to an estimated five million credit card users, with this figure rising to almost a quarter among those aged 35-44.

One in four credit card users are unclear on how credit limits are set

The survey went on to ask how well credit card users know their terms. Across virtually every literacy measure in the survey, women report lower confidence than men. 

James Goforth, Product Manager at Zable, comments:

"A missed payment can have immediate and longer-term consequences, but there are practical ways to reduce the risk. Setting up payment reminders, enabling app notifications, checking due dates at the same point each month, and automating payments where possible can all help create stronger routines.

“For some people, missing a payment isn't about forgetting at all, it's about timing. Income and outgoings don't always align, and a payment due date that falls in the wrong part of the month can create a shortfall. If that's a recurring issue, it's worth contacting your provider to discuss moving your payment date to better fit your pay cycle.”