Two out of three millennials don't have a credit card
NEW YORK (WSLS 10) - According to a May survey, 64 percent of adults age 18 to 29 do not own a major credit card.
In a recent article on the Bankrate.com, 25-year-old Kristian Rivera said, "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."
The survey was conducted by Princeton Survey Research Associates International included responses from 1,002 adults living in the United States. The study shows that credit card usage increases with age: 55 percent of 30-49 year-olds, 62 percent of 50-64 year-olds, and 68 percent of those ages 65 and up say they own a credit card.
"Millennials are clearly falling short in terms of credit card usage compared to their elders," said Mike Cetera, Bankrate's personal loans and credit analyst. "A credit card shouldn't be seen as taboo. Used correctly, a credit card can not only provide the added benefit of points and rewards, but also help establish a healthy credit score which will be valuable for such things as a lease or mortgage in the future," Cetera added.
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