Millennials have decided against credit card debt and some feel this is a mistake

Millennials have been hammered by other generations who claim that they are irresponsible and dependent on others to bail them out.  As a result, many have decided not to apply for credit cards and have primarily used cash to make purchases.  This is a great idea of those who wish to reduce their debt exposure, but many experts believe that it could backfire.  Click on the image below to see why Millennials may be doing themselves harm by not getting credit…

The CARD Act of 2009 makes it harder for Millennials to qualify for a credit card unless they can prove they have enough income to pay it back. That might be tough to prove if you haven’t opened a card or been using it lately. For younger people, credit cards and student loans are often the first and only things showing up on their credit reports.

Millennials aren’t opening credit cards. That’s a mistake – Oct. 9, 2017