Some 36% of millennials — those aged 18 to 29 — have never owned a credit card, according to a new study by CreditCards.com, compared with 13% of 30- to 49-year-olds (Generation X) and 50- to 64-year-olds (baby boomers).
“This is a curious phenomenon amongst the millennial generation, with an unusual affinity for debit and an aversion to credit,” says Ben Woolsey, president of credit-card advice website CreditCardForums.com. “I’m not sure if it’s driven by fear or ennui. I know a number of kids from this generation that didn’t bother to get a driver’s license, learn to drive or show any interest in owning a car until they went off to college.”
Find out more about why millennials may be avoiding credit cards at Market Watch.
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