Young people don't use credit cards?

[Anonymous]

So, This is something I've noticed over the past while. It seems many people around my age (26) aren't using credit cards and rely on debit. I base this on the fact they insert their card and enter a pin. Even older people don’t seem to use them. Good evidence to suggest it's a debit purchase and not credit as chip and pin is extremely uncommon in the US.
 
Personally, In the past I avoided credit cards as horrible nasty tools that get you into debt extremely easily and you will pay interest regardless. This is true in the case of people like CreditOne. Perhaps they amplify these thoughts and use it as evidence to point to support their cause.

I've seen learned otherwise after being targeted with a $200 SUB from WF that switched me from debit to credit and spending way too much time with credit related topics. 

Did the 2008 recession scare people away for good from credit cards?

Sometimes I feel like the oddball out using credit and not debit like most people are  

Thoughts? 

[pinkandgrey]

My sister and her husband are like this. They view credit cards as inherently evil lol. I always have to shake my head at the insistence that credit cards WILL get you into financial trouble. 

It's all about how you use them, people. At the end of the day, it's just a tool--a tool that can pay you back big if you use it right. 

[Anonymous]

---

@pinkandgrey wrote:

My sister and her husband are like this. They view credit cards as inherently evil lol. I always have to shake my head at the insistence that credit cards WILL get you into financial trouble. 

It's all about how you use them, people. At the end of the day, it's just a tool--a tool that can pay you back big if you use it right. 

---

Seems many fail to understand the grace period exists. If your terrible with money debit isn't exactly going to save you if you spend it to down to nothing and leave yourself cash strapped. 

I follow Dave Ramsey and like his stance that money is 80% behavior and 20% knowledge. Don't agree with his stance on credit cards tho. 

[Girlzilla88]

I think it's more so too that people don't really understand how credit/CS work period I didn't even consider a CC or even looking at my Credit til my late 20's because I thought I didn't need it so why open a card etc......I have learned a lot in the last year for sure but I think that is the main thing from my POV

[Schwartzinator]

I see lots of people around our age using credit cards, but that’s not to say it’s their card. Of the people I know personally, most of them have credit cards but very few of them could tell me anything about FICO scoring.

[Wrigley2172]

Ill also echo this, very few of my friends (im 23) have credit cards except for the ones whos parents had them sign up for one. But most of the time when I pull out one of my cards they always go "i should really open one up" the amount of texts ive sent with links to myfico is a bit silly lol. I wonder how many have actually come here

[Anonymous]

We filed chap 7 last year and only after years of living non credit. We got screwed by a business partner that emptied our accounts while on our first vacation in 10 years. (We have been together since being teens lol)

Anywho being broke with no job, we couldnt go after him. He was in another country on top of it all.

We lived cash for years and even tried to pay some of the business stuff off.. which is what got us in hot water ultimately. When one of them decided we were not paying fast enough and didnt believe we couldnt pay more, they sued, it basically forced us to file after 6 plus years of cash only.


It did make me leary of CC, and reading DR over the years obviously makes it worse lol.
They only real reason we have any cards is that it makes it way easier to qualify for auto loans (if it's ever needed after this one is paid off) and especially a mortgage.

We have already bought a second car with cash since the bk which is super nice. Knowing its ours outright, nothing compares in my eyes. I stress about money A LOT even when we brought in 20k in a month, I still stressed 🤣🤷‍♀️

I think many think CCs are part of what led to the recession and it's TRUE. That and the crazy mortgages, but sooo many have no idea what "using credit wisely" would even really look like.

I love getting a little cash back on top of all my other cashback things. I've seen people use them to travel etc and its treated them well.

I think credit is often seen as bad, which honestly isnt horrible. If I held a balance I'd be paying hundreds a month in interest with these high fees BUT paying off monthly has helped tremendously.

I am actually able to see the light at the end of the tunnel, homeownership is in reach. Life is good.

It does seem to be more common to have mortgage underwriters that can work with no score, years ago when we asked about that, we couldnt even find an underwriter that would do that, especially with self employment (although we had been in business for years)

I think to each his own. I'm happy to help nudge people, or answer questions, or point them to this group. Even though Disco just denied me, I've helped 3 family members get cards in the last week alone lol. Some are happy without it. I've been there so I get it.

For now I enjoy living my same "cash ways" but paying first with my CC so I can get rewards 😂

[Comand]

Yeah, I just turned 19 and I am the only person I know in my age group that has more than one credit card. And the people that do have one card have no idea what credit truly is lol. I have commented to close friends to open a CC up so they can establish credit history early on, but the answer is always "why, i don't need it".

[Anonymous]

I suppose it has something to do with the crushing student debt, nuked credit scores, and low paying "entry level jobs that require 5 years of experience."

93% of millennials know their credit score (or at least have a ballpark idea, since many use sites like credit karma).

https://www.cnbc.com/select/93-percent-of-millennials-are-aware-of-their-credit-score/

[Bkewlbro]

I'm 32, and was taught growing up, "Cash IS King! NEVER use credit! Only buy if you can buy outright in cash...". I think this was hammered into my generation. It's really sad, I'm just now starting to build my credit and am realising "credit is king" and there is good debt and bad debt... If I only knew what I know now... My kids will be taught, unlike I was.