The risk-averse generation is staying away from credit cards. Data from the Federal Reserve reveals that the percentage of Americans under 35 who have credit card debt is its lowest level since 1989. In an effort to avoid debt, Millennials are instead utilizing debit cards or mobile payment services like PayPal. Although many Millennials are “proud of the fact that they are debt-free,” their actions could have a negative impact on their financial future. Without a credit history, loans for bigger purchases like a car or home will just be more difficult to obtain. (Fox Business, The New York Times)
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