The number of young Americans who are living without credit cards has doubled since the recession, according to new research.
About 16% of consumers ages 18 to 29 didn’t have a single credit card by the end of 2012–up from 8% in 2007, according to data that credit score provider FICO collected from the credit files of millions of consumers.
As a result, credit card debt has declined by about a third among this age group–from an average $3,073 to $2,087 per person.
After watching older generations–like their parents–get hit hard by the recession, many younger Americans are shying away from credit and opting for debit cards instead, according to FICO.
Story by Blake Ellis by CNN Money.
- Wells Fargo Testing $3 Montly Debit Card Fee
- Class of 2013 Grads Averages $32,500 in Debt
- “Credit Card Act” Congressional “Reform” Makes It Harder For Stay-At-Home Mom Get Credit Cards
- Millenials Cutting Back On Credit Cards But Struggle With Credit Scores
- Credit Scores Of Millions Sinking To New Lows
- The 9 Credit Cards From Hell