Survey: Millennials don’t know how credit cards work

Fellowship of the Minds

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From NY Post: Before your son or daughter starts using credit, make sure he or she understands that a credit card could be a weapon of self-destruction.

That’s because a new survey found that “millennials’ knowledge of credit cards is lacking” and “very concerning.” A few millennials — people born in the last decades of the 20th century — actually believe that missing a card payment would “improve” their credit rating, the survey said.

“It was only 6 percent, but it actually shocked us,” said Mike Brown, a research analyst with LendEDU and the author of its Millennials & Credit Cards Survey. “They might think that by missing a payment they are gaming the system,” he added.

Seventeen percent said missing a card payment would have no effect on their score.

LendEDU, a Web site that provides information for student loan refinancing, also found that many millennials are…

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