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No Credit Card? No Problem, Say Millennials

Apr 20, 2015 8:26:38 AM

NO CREDIT CARD-NO PROBLEM via PYMNTS

Original post on PYMNTS.Com

If you can’t conceive of life without a credit card, you might be older than 29.

According to a new survey from CreditCards.com, more than 1 in 3 (36 percent) of millennials — people between the ages of 18 and 29 — have never had a credit card. Young adults, the poll indicates, are wary of credit cards because they came of age during the Great Recession, which brought about historic student loan debt.

“Millennials’ financial views were forged during the Great Recession and in the apocalyptic job market that they and their friends have faced. That skittishness has pushed them away from credit cards towards debit and prepaid cards,” said Matt Schulz, CreditCards.com’s senior analyst, in a press release. “As their careers advance and the economy continues to improve, I expect millennials to transition to credit cards in search of greater rewards and consumer protections.”

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