What's in millennials' wallets? Fewer credit cards

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What's in millennials' wallets? Fewer credit cards

Post by momopi »

http://www.latimes.com/news/local/la-me ... full.story

Boom-bust cycles leave the millennial generation more wary of credit card debt and more prone to thrifty lifestyles.
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What's in Millennials Wallets? Fewer credit cards

Post by MrPatrick »

This isn't surprising. I'm 26 and very few of my friends seem to use credit cards regularly. (Maybe they're keeping it to themselves?)

I guess the misconception is that carrying a credit card is inherently dangerous, when in reality in the right hands there's really no better way to spend your money, since using a card builds credit and can earn a cardholder cash back. Obviously, in the wrong hands, you could have a financial disaster.

I think a lot of 20-somethings are going to realize that building credit is important when it's too late; i.e. they've waited too long to open a card. I've seen some decent fair credit credit cards from Capital One that have no foreign transaction fees, but even these cards require a limited amount of credit.

I can see a small army of late-20 and early-30 somethings applying for secured cards over the next few years, since those will ultimately be the only cards they're likely to be approved of. Then again, who knows - maybe the less likely it is for young people to carry credit, the less weight will be added to past credit history. It's possible, but unlikely.
Last edited by MrPatrick on June 17th, 2013, 2:02 pm, edited 1 time in total.
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