Millinneals and Credit Cards

  • Even though I've been doing this for decades, every so often I see something that's surprising. This week we're featuring an article from our Bankrate feed that talks about how few millennials have credit cards. It seems that only a third of them use credit cards. I would have expected that number to be much higher. By comparison over 2/3 of those 65+ have credit cards. The reason that most millennials gave was the fear of running up a credit card balance. They've watched their parents struggle with credit card debt and don't want a similar experience. Good for them!

     

    But much as I admire them for taking debt seriously, there is a cost to not using credit cards. You don't earn rewards points, cash back or discounts that come with the credit card. As long as you pay your entire bill each month those are free benifits. It's a shame to pass them up.

     

    It just so happens that we're running a sponsored post on a site that has a solution to that problem. Debitize tracks your credit card usage. By linking your accounts they automatically move money into an account that pays your credit card bill each month. So it's impossible to charge yourself into debt problem. You can read more about Debitize here or if you want to go directly to their site click here.

     

    However you manage your money, we hope that you...
    Keep on Stretching those Dollars!


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