Depending on the kind of wallet or exchange platform the cryptocurrency user is using, there are different repercussions to forgetting the wallet password.

If we are talking of a custodial wallet or exchange, there are likely to be options for password recovery or account restoration. This is because there is a third-party involvement in such platforms and the user is not the sole manager of his/her password or keys.
Custodial platforms usually establish the user's identification, entailing verification, which makes things easy while seeking assistance from the provider’s support team.

However, the consequences of forgetting the password are not-so-good in the case of non-custodial wallets or similar platforms. Since only the user has complete control over their account, losing the password or keys typically results in losing access to the funds.
With their higher focus on security and user control, non-custodial wallet providers often do not provide the ability to recover or change passwords. So, if you are a user of a self-custodial wallet, you need to take this responsibility seriously! Simply put, you must adhere to best practices to prevent this.

To do so, you can use password managers, set up backup and recovery options like seed phrases or private key backups, and securely store passwords or passphrases in several safe locations.