Millennials Shy Away from Credit Cards

Visa credit cardWhile millennials are often painted as being carefree and irresponsible, a new study indicates they may have learned a lesson or two about debt from the recent economic slowdown.

According to the Bankrate.com, 63 percent of millennials don’t own a credit card, something most attribute to economic instability and growing student debt, while others have difficulty obtaining one.

Though declining use of credit is not something the banks like to see, students interviewed by the Daily Aztec seem to be increasingly cautious.

“It can be a good thing to help you build credit, or it can be totally evil,” one student was quoted as saying. “You have to be educated, because people charge it frivolously and get overwhelmed.”