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Should Millennials Avoid Credit Cards?

Credit card debt is a big issue for many Americans today, however, you cannot have credit card debt without having a credit card in the first place. Today 60 percent of Americans from the ages of 18 to 29 do not own a credit card. Millennials are opting out of having credit cards to avoid getting themselves into debt.

Not only are young Americans choosing not to have credit cards out of fear of debt, but they might lack the qualifications to apply for a credit card. If one does not have a job, a steady income to pay off bills, or they have already been in trouble with debt and ruined their credit, it will be a challenge to get approved for a card. More and more millennials have other things to worry about besides having the added head ache of credit card bills to pay for, such as student loan payments which if not paid on time each month can negatively effect credit reports for borrowers with student loan debt.

However, even though not having a credit card seems like a less risky option, not having one is not always a good thing. Young Americans without credit cards have little to no information in their credit file, and they can run into problems when looking to gain loans for big purchases, such as cars. It is hard for banks and lenders to gauge how risky someone is as a borrower if they do not have credit history; therefore when a bank is looking into giving a new borrower a card or a loan they might up the interest rate or decline the request for approval altogether.

Financial management is important to stay out of debt. A borrower should make sure they are on their financially stable feet before looking into getting a credit card, because not paying bills in a timely, regular basis can hurt credit for years. If one does find themselves weary about getting a credit card due to debt from student loans, or in debt previously from credit card bills, contact an experienced attorney who can help you get on track to a debt free life.

Work Cited:

The Pros and Con of Avoiding Credit Cards (The New York Times) By: Carrns, Ann.   http://www.nytimes.com/2014/09/10/your-money/the-pros-and-cons-of- avoiding-credit-cards.html?_r=0

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