Business
A Third of Millennials Have Never Had a Credit Card
In this March 5, 2012, file photo, consumer credit cards are posed in North Andover, Mass. (AP Photo/Elise Amendola, File)
(USA Today) – In a society where tens of millions rely on a credit card to shop or pay bills, a new survey out Wednesday reveals that more than a third of Millennials have never had one.
According to CreditCards.com, 36% of Americans between the ages of 18 and 29 have never had a credit card.
That may be due in part to a 2009 law that whittled away the near-ubiquitous offers of credit to college students, says Matt Schulz, senior industry analyst at CreditCards.com.
Those reforms stated that those under age 21 had to prove their income or get parental permission in order to obtain a credit card. “That’s very different from the past,” Schulz says. “I know when I was in college, every dorm mailbox was overrun with credit cards, and you had banks and credit card issuers handing out pizzas and Frisbees to get people to sign up.”
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