Question of the Day: What Percentage of 18-29 Year-Olds Have Credit Cards?

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This study by Bankrate surprised me as it showed 63% of millenials don’t have credit cards.  Two questions for students:

1. Why do you think almost 2/3 of millenials don’t have a credit card?  This account from a millenial (Money) provides some of the reasons why:

  • 2009 law that makes it difficult to get card before age of 21
  • Don’t trust banks
  • Student loan debt
  • Seen the damage caused by excessive credit card debt
  • Don’t know what we are missing

2.  What are implications of not having credit card?  It may be difficult to build a credit history so when you are ready to borrow to buy a car or get a mortgage you may be turned down or pay higher interest rates.  I expect that credit bureaus are hard at work to establish other measures to help lenders determine credit risk since this is an issue with a majority of millenials.

One thought on “Question of the Day: What Percentage of 18-29 Year-Olds Have Credit Cards?

  1. Pingback: Pros and Cons of Not Having A Credit Card (Follow-up to Question of the Day) | Next Gen Personal Finance (formerly CFCI)

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