Survey: Millennials don’t know how credit cards work

Fellowship of the Minds


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…

View original post 383 more words


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s