Why Most Millennials Don't Have A Credit Card

Almost two-thirds of adults under age 30 currently have no credit cards at all, according to a new survey sponsored by

While only 35 percent of adults age 30 and older have no credit cards, 63 percent of under-30 Millennials have none, 23 percent have one and 8 percent have two or more credit cards. Some of those surveyed specifically said they preferred to use debit cards.

The survey also found that among under-30 credit-card users, only 40 percent pay their balances in full every month, compared with 53 percent for adults 30 and older. And according to the survey report, 3 percent of the credit-card using Millennials "admit to often missing payments completely."

The survey was conducted by Princeton Survey Research Associates in July and August 2014 and had a 3.3 percent margin of error.

While under-30 Americans are the most likely to avoid credit cards, recent polls that other age groups have also cut back on credit-card use since the start of the recession. It's also more difficult for those under 21 to get credit cards because of the Credit Card Accountability, Responsibility and Disclosure Act of 2009, and many Millennials are struggling with student loans that make them more wary of debt, a Bankrate analyst said.




New forms of alternative credit and point-of-sale (POS) lending options like ‘buy now, pay later’ (BNPL) leverage the growing influence of payments choice on customer loyalty. Nearly 60 percent of consumers say such digital options now influence where and how they shop—especially touchless payments and robust, well-crafted ecommerce checkouts—so, merchants have a clear mandate: understand what has changed and adjust accordingly. Join PYMNTS CEO Karen Webster together with PayPal’s Greg Lisiewski, BigCommerce’s Mark Rosales, and Adore Me’s Camille Kress as they spotlight key findings from the new PYMNTS-PayPal study, “How We Shop” and map out faster, better pathways to a stronger recovery.

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