6 out of 10 millennials don't have a credit card

"El Relámpago(LZone) - Humanity First!" (lightningzone)
09/21/2014 at 18:07 • Filed to: None

Seriously, this can't be good.

DISCUSSION (96)

Rainbow > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:08

I have two debit cards, but no credit card yet...

Zipppy, Mazdurp builder, Probeski owner and former ricerboy > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:09

To be honest, I don't have one.

Sweet Trav > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:09

That's absolutely fantastic.

Either they are so far in debt they cant get one.

OR their parents taught them the evils of credit cards.

I hope its the second, but I'm pretty sure its the first.

MountainCommand > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:09

I operate cash only baby. Whats the problem?

Nibby > MountainCommand
09/21/2014 at 18:10

Well, it would help that you put your cash in your pocket instead of having it stick out of your waistline.

Jedidiah > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:10

I have 1 debit card.

Fuck credit—I see no reason to spend money I don't have.

ly2v8-Brian > Sweet Trav
09/21/2014 at 18:10

You know it's the first. Mostly because college id wager.

El Relámpago(LZone) - Humanity First! > MountainCommand
09/21/2014 at 18:11

You must be German.

MountainCommand > Nibby
09/21/2014 at 18:12

Are you inferring i am a stripper?

Too many M's > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:13

I didn't have one until a year ago. I only use it for business purposes though.

crowmolly > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:13

Well, with no jobs and no established credit what do you expect?

Nibby > MountainCommand
09/21/2014 at 18:13

Maybe.

El Relámpago(LZone) - Humanity First! > Jedidiah
09/21/2014 at 18:13

Well, sometimes you need money you don't have. And, some credit card companies and banks partner with store chains and other venues to offer benefits for card owners.

MountainCommand > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:14

I have Norwegian blood if that helps.

El Relámpago(LZone) - Humanity First! > MountainCommand
09/21/2014 at 18:15

Lol, nope, because of this .

PS9 > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:16

Living within your means = never needing money you don't have.

MountainCommand > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:17

Interesting. The more you know!

El Relámpago(LZone) - Humanity First! > MountainCommand
09/21/2014 at 18:19

Well, with all their oil, I imagine Norwegians are more optimistic and because of that, more open to dept.

tromoly > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:20

Did the world implode before the credit card was invented? No? I think we'll be just fine.

El Relámpago(LZone) - Humanity First! > PS9
09/21/2014 at 18:21

Isn't that against human nature? As humans, we always seem to want more, more quantity, more variety, more advancement but perhaps most of all we want what we can't have.

MountainCommand > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:22

My personal preference to using cash is people i buy from/ or buy services from tend to give you a nice discount if you pay up front in cash.

I thought norweigians were debt free? I could be wrong, i read what i thought was an article about that months ago.

Depressoiscool > Jedidiah
09/21/2014 at 18:23

Or you pat it off every month, increase your credit score, and take some benefits. No intrest if payed off in time

Jedidiah > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:23

I got school payments to worry about; I don't want to deal with credit payments too.

El Relámpago(LZone) - Humanity First! > ly2v8-Brian
09/21/2014 at 18:24

They seem to get a lower APR than the avg. card owner, still that APR is too much for many of them. Students should use the credit card, mostly if they know they can pay back in 60 days or less.

PS9 > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:27

If it were, 10 out of 10 people would have credit cards, lots of shiny toys, and severe debt to go along with it all. Some people do live like that, and others increase their means so they can get the shiny toys they want minus the strings.

Food, shelter and transportation are the necessities. Everything else is peripheral. Overextending yourself to get a toy you want is silly. Sustainability is always the better choice.

El Relámpago(LZone) - Humanity First! > MountainCommand
09/21/2014 at 18:30

Not as a country, I mean Norwegians as individuals, I imagine that they are more opened to owning credit cards and having mortgages to pay for, than the Germans or the Australians.

Leadbull > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:30

I don't have one.

I'd like one to jack up my credit score, but it's not at the top of my priorities list right now, esp. since I'm still in school.

I've got two debit cards, one of which is tied to a free student account. I signed up only to get a free hoodie.

ly2v8-Brian > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:31

I have a "college" credit card through my bank low interest low limit (only $500). I use it and pay it off each month to establish credit (making truck payments helps too of course).

El Relámpago(LZone) - Humanity First! > tromoly
09/21/2014 at 18:31

The world didn't implode before cars were invented either, but none of us would want to live in a world without cars.

marshknute > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:34

Well a lot of Millennials are college students, and most college students only have a debit card. If those college students do have a credit card, it is most likely linked to their parents' account.

FJ80WaitinForaLSV8 > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:35

It's really bad news if they ever want to buy a car.

djmt1 > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:37

As one of the 6 millennials who doesn't own a credit card all I can say is. Enjoy being saddled with debt, morons. Learn to live within your means and look up two words while you're at it, cashflow and budget.

Signed, single debit card owner.

Seriously though, start saving, even small amounts. I can't begin to express how satisfying it is to read your bank statements and see your balance has a comma.

El Relámpago(LZone) - Humanity First! > Leadbull
09/21/2014 at 18:38

Are they still allowed to do that? I was thinking that after the CARD Act, card companies were largely banned from their old tricks of handing out free T-shirts, pens, tote bags or Frisbees to entice students and other naive young people.

Conan > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:39

I'm glad. I teach them.

YSI-what can brown do for you > Depressoiscool
09/21/2014 at 18:40

Boom this guy knows!

Axel-Ripper > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:40

Are 6 out of 10 millenials old enough to actually get a credit card?

YSI-what can brown do for you > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:41

I have a credit card, it helps build my credit score. Luckily I spend WAY less then I make.

Leadbull > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:43

Yeah. Technically, it wasn't free.

To get the hoodie, you need to put in a $25 initial deposit (if you embrace the cold, it's actually free). So, I did that. But there's no minimum account balance, so I just took the money back out.

It's free if you know how to navigate their douchebaggery. I'm probably going to shut down the account sometime soon, just to be safe from any potential fees or anything.

El Relámpago(LZone) - Humanity First! > ly2v8-Brian
09/21/2014 at 18:44

It is annoying how banks and credit card companies encourage you to spend, but if you spend too much, then your you risk not being able to pay back in time, and then your credits scores go bust.

Burrito de EJ25 > Axel-Ripper
09/21/2014 at 18:46

Do you know what a millennial is?

GeorgeyBoy > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:47

Love my credit card. Zero APR, get reward points, safer. I use it as if it was a debit card.

Axel-Ripper > Burrito de EJ25
09/21/2014 at 18:49

Being 23, yes. Not sure how far younger than me it goes though.

El Relámpago(LZone) - Humanity First! > djmt1
09/21/2014 at 18:50

Credit history helps you in many ways, as long as credit scores are good.

El Relámpago(LZone) - Humanity First! > marshknute
09/21/2014 at 18:50

Lol, and we all know what happens with those accounts, sooner or later.

Biggus Dickus (RevsBro) > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:51

I'm 22 and the only reason I just signed up for my own credit card because I found a stable job and need to start building credit for a home one day. My company required me to get an AMex corporate card but thats only for business expenses.

Burrito de EJ25 > Axel-Ripper
09/21/2014 at 18:52

It starts from 1982 and ends in 2004.

promoted by the color red > Jedidiah
09/21/2014 at 18:55

It's not always spending money you don't have. You are, after all, paying the bill at the end of the month with money.

Credit cards offer pretty good fraud protection, more so than debit cards. Plus I sure as hell don't want to walk into the Best Buy located in the shitty part of town with more than $20.

El Relámpago(LZone) - Humanity First! > YSI-what can brown do for you
09/21/2014 at 18:56

That's the good way to do this thing, also, if you know you make more money next month, you can spend a little more this one. I've learn that during my freelancing period, right after college.

djmt1 > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:56

No I get that. I probably should get a credit card but I always been led to believe that you must earn a credit card and without one you will be rejected from even buying a contract phone. Problem is, I'm being bombarded with letters offering credit cards and lacking credit hasn't been a problem for me at all.

The only times I see myself needing credit is when I come to buy a car or house. However I don't see myself buying a new car since I love value and used market is so much better and buying house in the UK is a nightmare regardless of credit at the moment. Also I don't need to buy a house since technically I own one and could end up with two more.

ranwhenparked > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:57

Actually, I don't know if its all bad. On the one hand, it is a problem in that they aren't establishing credit and participating fully in the economy, on the other hand, they aren't running up more debt.

Also, from what I've seen, a lot of millennials are immature and stupid. My younger brother got a credit card with a $1500 limit when he was in college, and immediately ran up $1500 in debt and has been basically making minimum payments since, and immediately charging back whatever amount he just paid off. I don't think he's that unusual among the generation.

YSI-what can brown do for you > El Relámpago(LZone) - Humanity First!
09/21/2014 at 18:59

Yeah, I am not sure why more people don't have a credit card. They aren't evil, it just requires self restraint. Best if you practice early than getting one later and then blowing it all on a jet-ski and a boat.

El Relámpago(LZone) - Humanity First! > GeorgeyBoy
09/21/2014 at 19:01

That's another way to do it, but you have to be careful to not get carried away, still you always got balance transfer.

Sn210 > El Relámpago(LZone) - Humanity First!
09/21/2014 at 19:05

Having a credit card does not mean instant credit card debt. If you use it correctly, you can build up your credit score, earn some perks, and still come out debt free. You need credit regardless if you think you do or not. Whether it's buying a car or house, renting an apparat meant or even getting a job. Start early, keep your debt in check, and you'll never have an issue with debt.

D > El Relámpago(LZone) - Humanity First!
09/21/2014 at 19:06

I'm not trying to be that "but personal anecdote that invalidates statistics" guy, but since it's on topic: I'm a millennial and just got my first credit card yesterday! Applied and was approved on the spot.

D > Jedidiah
09/21/2014 at 19:08

Have fun ever taking out a loan in your life

505Turbeaux > Sweet Trav
09/21/2014 at 19:08

I keep exactly one for emergencies only, like when your dog needs 3000 bucks worth of surgery or you get stuck on the road. Otherwise I dont even like using debit. Cash money baby, even for houses and cars

D > Leadbull
09/21/2014 at 19:09

You should start building good credit before you need it.

yamahog > El Relámpago(LZone) - Humanity First!
09/21/2014 at 19:10

According to whom? I'm interested in the methodology, as I would hope the millennials between 10 and 18 years old are not being counted against those of us 18-32. Also, people without credit cards seem to be the odd ones in my social circle.

But then again, I'm 24 with an engineering degree, have been gainfully employed since graduation, with very nice 401k and Roth IRA accounts, 3 credit cards and practically perfect credit history, and my student loans will be paid off in full by my 25th birthday. My parents, on the other hand.... let's just say my grandparents' money sense skipped a generation.

D > Sn210
09/21/2014 at 19:12

Exactly why I just signed up for a card yesterday. I'm just going to make some small purchases each month on credit and pay it back as soon as my statement is issued.

El Relámpago(LZone) - Humanity First! > ranwhenparked
09/21/2014 at 19:14

Hey, I'm a millennial too(ok, the upper limit, since I'm 28), and I'm not like that, I know that credit cards are tools and not prizes. It was funny when my cousin told me he got his first credit card. He was like: "hey man, I got free money! Let's party!", and I was like "no idiot, those are not free money, if you won't return whatever you spend, in reasonable time, you will get APR and the bank will come after your ass faster than a drug dealer", and he was like "Wut?". The look on his face was priceless.

midengineer > djmt1
09/21/2014 at 19:15

Moron here, I have both a debit and credit card and am able to spend within my means like many other credit card holders. The benefits of a credit include a way for me to build my credit score as well as getting a percentage of cash back on all purchases.

El Relámpago(LZone) - Humanity First! > Biggus Dickus (RevsBro)
09/21/2014 at 19:17

Good, as long as they pay for it.

Jedidiah > D
09/21/2014 at 19:17

Took one out already and never want to do it again.

D > Jedidiah
09/21/2014 at 19:19

Well, regardless of what you 'want' you might have to.

Jedidiah > D
09/21/2014 at 19:21

That's just it—I have to for school

When I'm done with it, I'm going to stay debt free; regardless of how small the debt is.

Biggus Dickus (RevsBro) > El Relámpago(LZone) - Humanity First!
09/21/2014 at 19:21

I think it has a crazy high spending limit (never used it for non business), but they will only pay for approved expenses. I'm on my own for anything else.

bob and john > MountainCommand
09/21/2014 at 19:23

that just sounds like you deal with drug dealers and other shady characters :P

Sn210 > D
09/21/2014 at 19:24

that's exactly how to do it. Use it for stuff you have the money for, then pay it off. Get your cash back or miles and build some credit. I've had mine for years and I've spent $2.77 in interest, and that was on my first statement.

El Relámpago(LZone) - Humanity First! > yamahog
09/21/2014 at 19:25

According those guys , they seem to be counting as millennials, only those between 18 and 29.

Also, don't blame your parents too much, the 80's man, that optimism and the whole brightness and attitude of the era, could've lured anybody to spend-a-lot. New, never seen before, gadgets, new mentalities, new ways, new everything.

Even if we are more advanced, our stuff and lives in general, are still based on ideas that started out in the 80's. I wish we could have a little 80's sparkle in our times.

Chuck 2(O=[][]=O)2 > El Relámpago(LZone) - Humanity First!
09/21/2014 at 19:25

I'm 20 and don't have one. A debit card is tempting enough. I'm not saying I don't believe in credit, I just think it's a great tool that is abused, and is created for you to abuse it. That being said, I do need to establish credit, and will be getting a card soon enough, but I will directly pay it off with my debit card.

djmt1 > midengineer
09/21/2014 at 19:26

Sounds good. Problem is way too many of my friends are in stupid amounts of debt because of credit and it burns me watching them go to pay day lenders. Also I accept that I should probably start building credit but I'm struggling for motivation since I've never been declined. I'm sure having a credit card has some great perks but I just don't see the worth in carrying two cards.

MountainCommand > bob and john
09/21/2014 at 19:28

I like to generalize things, so maybe other people think I do cool things.... When in reality i was just getting my tires balanced for a quick 20$ bill. haha.

El Relámpago(LZone) - Humanity First! > D
09/21/2014 at 19:38

Nice, be careful with it, and remember, it is only a tool and not a prize. With great credit comes great responsibility and all that hurr.

But just remember that good credit scores make your life much easier, if the dept gets out of control, you're screwed. Balance transfers and personal loans are good ways to dig out a dept, but it's better if you don't get to paying APR's on credit card dept, the platinum rule is simple: only spend on the card what you can afford to pay off, on time and in full each month. Banks want to trick you into being a borrower and spending more than you can afford. Like I already tole someone else, if you know you are something like a freelancer, and you know you make more money next month, you can spend a little more this one, but that's a bit risky, especially for a credit card rookie.

yamahog > El Relámpago(LZone) - Humanity First!
09/21/2014 at 19:40

Just so we're on the same page here...

Millennials not having credit cards: YOU FOOLS SO STUPID WITH YOUR FINANCES

Gen Xers bankrupting themselves multiple times in the 90s to the point they eviscerate their kids' college funds and can't even get new credit cards: Awww don't be so hard on them, it's so easy to spend money on gizmos!

Also, that survey collected all of 1161 responses by telephone. Skeptical.

El Relámpago(LZone) - Humanity First! > djmt1
09/21/2014 at 19:47

You never know when you need to rent an apartment overseas or when you need money on the spot(more money than you have in your account), a credit card is less complicated way, especially when your credit limit is big enough to give you operating space.

Money is like everything else, with moderation and a clear mind, you can keep them under control, even with a credit card, or more.

thebigbossyboss > PS9
09/21/2014 at 19:57

That's not really true. Usually true, but sometimes life fucks with you in mysterious ways.

djmt1 > El Relámpago(LZone) - Humanity First!
09/21/2014 at 19:59

This may sound big headed but it's the way I have chosen to live my life but I will never be in the position where I need more money than there is in my account. Ever since I was born my dad took all the money given to me and deposited into an account that I couldn't gain access to until I was 16. By the time I was 16 I was amazed too see I had over Ł2,000. Needless to say I've become addicted to saving partly because I like the feeling of security but mostly because I'm terrible at spending money.

Either way, I see credit cards as a form of borrowing money and I hate borrowing money.

PS9 > thebigbossyboss
09/21/2014 at 20:05

Credit cards can't help with the stuff that will instantly destroy your financial situation. Insurance can mitigate some of it, but not all.

El Relámpago(LZone) - Humanity First! > yamahog
09/21/2014 at 20:06

I was talking about the 80's, not the 90's and I haven't said self bankrupting was a good thing.

By having a more forgiving attitude towards the 80's generation, I'm just somehow trying to compensate for being too small in the 80's to realize how big those years were.

Pixel > El Relámpago(LZone) - Humanity First!
09/21/2014 at 20:20

I have made it to 36 without one. And the only debt I have is my mortgage. Credit cards can be useful, but they aren't a necessity. I did pay an extra $1800 at closing due to my lack of a credit score, but I am certain I would have racked up at least that much in interest in fees between 18 and 34, so it was a fair trade off for me.

El Relámpago(LZone) - Humanity First! > Chuck 2(O=[][]=O)2
09/21/2014 at 20:24

Make sure they let you customize it with the, Shut up and take my money, meme. Because you know, that's something 20 year old people would do,

D > El Relámpago(LZone) - Humanity First!
09/21/2014 at 20:27

Of course of course. I'm just going to use in place of a few debit card purchases each month to build good credit in the background.

Axial > El Relámpago(LZone) - Humanity First!
09/21/2014 at 20:32

Credit score is, in and of itself, a phony system designed to screw you. That a credit card is a necessity these days is disconcerting.

Axel-Ripper > Burrito de EJ25
09/21/2014 at 21:43

The end year sounds about right, but that start date seems way early. Maybe 1985-6.

Also, that still means a not insignificant portion of them are still under 18.

vdub_nut: scooter snob > Sweet Trav
09/21/2014 at 21:54

There's nothing evil about credit cards. I've been using mine to build credit, and it worked. I know I'm not the normal case of OMG FREE MONIES, but that's not the credit card's fault. They don't cause debt any more than spoons cause obesity

Viggen > Sweet Trav
09/21/2014 at 22:38

I'm one of the latter. Did this cause some frustration when I took out a car loan? Yeah, but whatever I'll build up my credit on that.

Viggen > El Relámpago(LZone) - Humanity First!
09/21/2014 at 22:42

Both my parents fell into the credit cars trap of the 1990s and early 2000s, so I said "Fuck that noise I don't need one." Still don't.

Burrito de EJ25 > Axel-Ripper
09/22/2014 at 03:29

It's '82.

KusabiSensei - Captain of the Toronto Maple Leafs > El Relámpago(LZone) - Humanity First!
09/22/2014 at 21:50

So I'm the 40%?

Or is it because I use it as a cash flow management tool instead of a revolving credit line?

El Relámpago(LZone) - Humanity First! > KusabiSensei - Captain of the Toronto Maple Leafs
09/22/2014 at 22:33

Doesn't matter how you use it, if you have a credit card, you're in the 40%. It's even better if you use it to your advantage, rather than the bank's advantage.

Stef Schrader > ly2v8-Brian
09/22/2014 at 23:45

I should have bought a GT3 Cup instead of going to college: fact.

ly2v8-Brian > Stef Schrader
09/22/2014 at 23:51

Too right.

Stef Schrader > El Relámpago(LZone) - Humanity First!
09/23/2014 at 07:28

See, this is where the system is all screwed up. You shouldn't need to have an open line of credit to prove that you can pay bills on time. They should just notice that, ohhhhh... you pay bills on time . The whole credit score thing is backwards, and I wouldn't be surprised if the "amount of credit available" part of your score was a massive ploy to sell folks on getting more debt. The fact that you're punished for closing unused lines of credit in your credit score is pure, unadulterated BS.

I love you but I've chosen hooning! > El Relámpago(LZone) - Humanity First!
09/23/2014 at 11:24

I am German! And yes, I don't have a credit card. Had a company card once when I was working for a consulting firm. Other than that I pay cash, electronic cash or using PayPal. Personally, I don't see any real benefit in having a credit card.

mike in So Cal > El Relámpago(LZone) - Humanity First!
09/25/2014 at 19:28

its not free money- its a loan. pay it off when the bill comes, and its a free loan. reminds me of all the idiots that did cash-out refis because home prices were rising. yes- those are loans that need to be paid back, as well.

mike in So Cal > Viggen
09/25/2014 at 19:35

you cant look at it like "wow! i have access to X amount of money!"

when it should be looked at like "do i have the cash to cover this bill in a month?"

i use mine for just about everything id use cash for, because thats money id be spending regardless. swiping a card to fill a gas tank is easier than trying to guess how much itll take in cash to pre-pay inside at the register.