Millennials and credit cards

Having a credit card may not be as common of a thing among Millennials as one might think. This is one of the things a recent survey indicates.

The survey was done by CreditCards.com. The results of the survey indicate that less than two-thirds of individuals in the age range of 18 to 29 here in the U.S. have actually ever had a credit card. According to the survey results, the percentage of Americans in this age range that have not had a credit card at any point in their life yet is 36 percent.

Several things have been put forward as possible reasons for this low amount of credit card ownership among Millennials, including:

• General caution among Millennials when it comes to financial matters.
• Reluctance among this generation to turn to credit cards due to the tough economic times the country has been through in the recent past.
• Law changes that made it more difficult for individuals under the age of 21 to get credit cards.

Why do you think there are so many Millennials who have never owned a credit card? Do you think credit card ownership will increase markedly among individuals in this generation as they get older? What effects do you think this lack of experience with credit cards among many Millennials will have? Do you think not having experience with credit cards as a young adult has any particular effects on a person’s credit card habits if they decide to get a credit card later in life?

Whether a person is brand new to credit cards or very experienced with them, exercising good credit card habits is very important, as missteps when it comes to credit cards can lead to debt problems.

When credit card debt problems arise for a person for any reason, it can be important for them to have a clear understanding of what their options are for seeking out debt relief. Bankruptcy attorneys are among the professionals that individuals can turn to for information and guidance when it comes to credit card debt relief options.

Source: USA Today, “A third of Millennials have never had a credit card,” Charisse Jones. April 15, 2015