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Millennials Are Taking on Credit Card Debt Because We Can’t Afford Necessities

Millennials. Millennials Are Taking on Credit Card Debt Because We Can’t Afford Necessities – VICE. VICE – Allie Conti. A new report has more bad news for young people. For a long time, the conventional wisdom was that millennials hated credit cards.

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Despite an overall rise in Americans’ credit cards use and household debt, the percentage of credit card debt among millennials under age 35 is at its lowest since 1989. An analysis by The New York Times reported that millennials are taking on fewer mortgage and auto loans than previous.

They’re debt-averse initially, but they are savvy about their credit and credit cards in later years. Many millennials are grappling with student loans, which have taken a heavy toll. The average 2016 graduate has more than $37,000 in student loan debt, according to college financing expert Mark Kantrowitz.

"Some people have lower debt burdens because they don’t have access to credit, for instance, or haven’t completed college." In other words, a lack of debt could be a sign that millennials can’t afford or can’t qualify to take out debt, even if they’re in need.

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More than 80 percent of millennials who don’t own homes said they couldn’t afford one because of student loans, according to the National Association of Realtors (NAR). [ 4 ] In other words, recent college graduates are too busy paying for school to pay for a place to live.

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Paying down debt: If you have revolving credit card debt, which is a credit card balance you carry month to month, it’s probably time to take a break from spending on your credit cards. Adding charges only compounds the problem, and interest can make you feel as if you’re just treading water.

Millennials Are Taking on Credit Card Debt Because We Can’t Afford Necessities Loknath Das May 28, 2019 Credit & Debt For a long time, the conventional wisdom was that millennials hated credit cards.

He didn’t come up with anything he could afford. is taking for free; credit companies can offer complimentary rewards programs because customers who are in debt more than make up for those costs.

Why millennials end up with credit card debt There are all kinds of potential causes of credit card debt, but you can boil them all down to two distinct situations: Relying on a credit card to pay for.

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