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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

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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 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.