past due

idiom

Definition of past due 

1 : late being paid The bill is past due.

2 : late arriving He's past due—it's one o'clock and he was supposed to be here at twelve thirty.

Learn More about past due

Statistics for past due

Look-up Popularity

Keep scrolling for more

More Definitions for past due

past due

Financial Definition of past due

What It Is

Past due means overdue. Typically, a bill is past due if the borrower is 30 days past the payment deadline.

How It Works

For example, let's assume your credit card payment is due on December 15. You forget to make the payment. On January 16, you finally remember. By then, though, it's too late. Your bill is past due.

Some accounts have grace periods (often 10 days). During the grace period, the creditor might not assess a late fee or other penalty.

Why It Matters

Past due bills often incur late fees, higher interest rates, penalties and other charges. Worst of all, the creditor might report the late payment to the credit reporting agencies, leaving a black mark on your credit rating (and even lowering your credit rating). In some cases, a bill get so past due (say, 90 or 180 days), that the creditor considers the account in default and may charge off the balance. That doesn't mean the customer or borrower doesn't owe the money anymore; it just means the creditor doesn't think it'll ever get the payment. At that point, it might assign or sell the account to a collection agency, which will try to collect the balance.

Source: Investing Answers

Comments on past due

What made you want to look up past due? Please tell us where you read or heard it (including the quote, if possible).

WORD OF THE DAY

something that serves to warn or remind

Get Word of the Day daily email!

Test Your Vocabulary

Autumn Words of the Day 2018

  • a-top-down-image-of-road-through-an-autumn-forest
  • Which is a synonym of fugacious?
How Strong Is Your Vocabulary?

Test your vocabulary with our 10-question quiz!

TAKE THE QUIZ
SCRABBLE® Sprint

Test Your Knowledge - and learn some interesting things along the way.

TAKE THE QUIZ

Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!