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Debt-Conscious Millennials Are a Threat to Credit Cards

  • Just one out of three carries plastic; prefer cash, debit
  • Financial crisis, student loan debt have scared off age group
Bloomberg business news

The Three Best Ways to Pay Down Your Credit Card Debt

Corrected

Millennials have been accused of disrupting many industries, from newspapers to brick-and-mortar stores. Credit cards appear to be next in line.

Just one out of three millennials carries plastic, according to a Bankrate.com survey, compared to the majority of older Americans. In addition, a Fed survey found the 18 to 24 demographic preferred to pay cash more than others. And if they do carry a card, it tends to be of the prepaid or debit variety, TD Bank found.