Millennials Still Like Credit Cards, According to FICO
Millennials are gaining fame as a relatively credit-shy generation. Coming of age in the post-financial crisis years – and saddled with massive college debt –members of this generation tend to be suspicious of consumer credit, and wary of debt.
However, a new survey from FICO revealed that one-in-three Millennials carry a monthly credit card balance of $1,000-$4,999.
FICO’s survey also found that 37% of Millennials are likely to apply for a new credit card over the next six months.
A full 77% will continue to use credit cards over the next five years.
About half of Millennial respondents 25-34 have at least three cards, and 19% plan on using them to buy big ticket items such as a new car (yikes).
The More Things Change…
So, what do we make of all this? It’s no big surprise, really: we’re still going to be a consumer society, and most of us will still use consumer credit.
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