Survey says millions of Americans expect to miss one credit card payment

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FILE – In this Feb. 20, 2019, file photo are Mastercard and Visa credit cards in Zelienople, Pa. Americans gave their credit cards a real workout this past holiday season. The Federal Reserve said Friday, Feb. 7, 2020, that borrowing on credit cards rose by the largest amount in more than two decades in December. (AP Photo/Keith Srakocic, File)

FAYETTEVILLE, Ark. (KFTA) — About 46 million Americans, or 1 in 5 adults, expect to miss at least one credit card payment this year, according to a new Wallet Hub survey.

Missing a credit payment can lead to late fees, a high penalty APR on new purchases and could cause damage to your credit score.

Director of Education at Credit Counseling of Arkansas, Mark Foster said there are ways to pay off your debts.

“Tax refund time is coming up and the average refund is approximately $3,000, so people can get that tax refund and use it to build up their emergency savings and use it to pay off a credit card bill or knock down some credit card debt,” Foster said.

Foster said that you can also use services like Credit Counseling of Arkansas to learn how to track your spending.

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