• Infographic: Why Are Millennials Avoiding Credit Cards?

    At 83 million strong, Millennials now make up one quarter of the U.S. population. As such a large group, they also represent $200 billion in spending power – the second-most of any generation behind Baby Boomers. Accordingly, it would behoove brands in the financial services industry to cater to this ascending group. However, finances are a touchy subject for Millennials, as evidenced by their feelings about credit cards. Here, we take a look at their behavior and concerns to understand how financial institutions can get Millennials interested in their offerings.


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    Here are five facts you need to know about Millennials and their relationship with credit cards:


    Credit Card Debt is Pervasive

    $5,700 is the average balance for households carrying credit card debt


    Millennials Aren't Buying It

    18-29 - 33%

    30-49 - 55%

    50-64 - 62%

    65+ - 68%

    35.2% find credit card debt the scariest thing in their lives, compared to 20.4% who fear death above all else


    What Is It About Credit Cards?

    33% accruing interest

    32% making monthly payments

    20.4% too reliant on credit options

    7.8% don't understand interest rates


    The Reasons for Debt

    34% used credit cards to take care of emergency or unexpected expenses

    31.8% made one large purchase that exceeded available funds

    18.6% need to rely on credit card to supplement their income

    4% can afford to pay off their debt, but choose not to


    Confidence is Still Sky High

    30.6% Extremely confident that they'll be able to pay off debt in the next 12 months

    20% Very confident

    29.4% Somewhat confident

    12.4% Not very confident

    7.6% Not at all confident


    Contact us today to learn how our team can help you reach Millennials with your next campaign.