This is why the credit card market is so active!

go_FICO_self · ‎03-03-2015

47 bln debit card purchases, vs 26.2 bln credit cards.

No wonder CC companies want all those debit carders to switch to credit.

Anonymous · ‎03-03-2015

Millenials, in particular, appear to be more averse to using credit cards. This is probably due to them seeing the baby boomers screw themselves by not saving for retirement and living beyond their means with credit card debt.

It's a card applicants market.

Anonymous · ‎03-03-2015

1.) Correlation =/= Causation

2.) "Millenials, in particular, appear to be more averse to using credit cards"

Millennials aren't credit adverse, in fact Millennials are the second largest consumer of luxury consumer goods behind baby boomers and a lot of it is on credit cards. The big different for Millennials is that there isn't an adverse reaction to Credit Cards but we flat or just don't understand them. There is no more tabling at campuses to entice students to apply and there is also no more direct mailing to individuals without income such as students.

Millennials love using credit cards when they get them, as they mistakenly see the funds as temporary free money until reality hits. However, because of the restrictions and a rather conservative lending market right now we aren't being flooded with the offers that our parents had.

The biggest fear of debt Millennials have is LARGE debt like houses and cars. This is the big difference.

Anonymous · ‎03-03-2015

@Anonymous wrote:
1.) Correlation =/= Causation

2.) "Millenials, in particular, appear to be more averse to using credit cards"

Millennials aren't credit adverse, in fact Millennials are the second largest consumer of luxury consumer goods behind baby boomers and a lot of it is on credit cards. The big different for Millennials is that there isn't an adverse reaction to Credit Cards but we flat or just don't understand them. There is no more tabling at campuses to entice students to apply and there is also no more direct mailing to individuals without income such as students.

Millennials love using credit cards when they get them, as they mistakenly see the funds as temporary free money until reality hits. However, because of the restrictions and a rather conservative lending market right now we aren't being flooded with the offers that our parents had.

The biggest fear of debt Millennials have is LARGE debt like houses and cars. This is the big difference.

I guess that's half the story. I, too, started out by considering credit cards a source of temporary free money. I don't think I was mistaken. But I considered it temporary free money so that I could keep my cash in the bank earning interest until the due date came. Is that the part of "temporary" that so many people don't seem to get?

Chris.

Anonymous · ‎03-03-2015

No. I mean they think they can pay the minimu or not the full amount and don't have to worry about the debt until after graduation and they have a "real" job.

Anonymous · ‎03-03-2015

The big problem is when they find out the "real" job is flipping burgers and the student loans have to be paid.

No offense to anyone who flips burgers intended.

Anonymous · ‎03-03-2015

@Anonymous wrote:
Millenials, in particular, appear to be more averse to using credit cards. This is probably due to them seeing the baby boomers screw themselves by not saving for retirement and living beyond their means with credit card debt.

It's a card applicants market.

I know several who believe in Dave Ramsey like he is God or such, thus they debit card 100% when a card is used.