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Are You A Millennial Without a Credit Card?

It turns out, millennials aren’t credit card happy like our predecessors. A survey conducted by Bankrate found two out of three millennials don’t own the piece of plastic.

Out of 1,000 American adults surveyed, it was found 67 percent of people ages 18 to 29 don’t have a credit card. However, 60 percent of people 50 and older had no problem charging purchases.

We can’t say we’re surprised millennials aren’t enthused by credit cards, seeing as how much student loan debt many of us are in. There’s no need to add more debt to our lives, especially if it’s not needed.

READ: Would You Use Your Selfie As A Credit Card Password?

Bankrate’s personal loans and credit card analyst, Mike Cetera, says the reason millennials are not taking to credit cards due to being financially scorned in the past or they’ve watched family members struggle with credit card debt years after the Great Recession.

“I’ve never wanted to own a credit card,” said 25-year-old Kristin Rivera to Bankrate. “It wasn’t really a decision that I made, but growing up I was warned of the risks of having a credit card and advised to put off getting one as long as possible.”

From the survey, it was also found people who earn less than $30, 000 a year, did not attend college and are in a minority group, are the least likely to own a credit card. But on the other hand, those who earn a yearly salary of $75, 000 or more, and consider themselves to be Republican, are most likely to have a credit card.

It’s always recommended you have at least one major credit card in case of emergencies and to establish credit, so you can establish credit and get that new car or house you have on your vision board. Managing a credit card takes responsibility and you don’t want to make avoidable financial mistakes which could cost you years down the line.

 

Photo Credit: Shutterstock.com

Brittney Fennell

Brittney Fennell

Brittney is the Associate Editor of Jawbreaker and a writer who has goals to disrupt culture in ways unseen.