Almost two-thirds of millennials don’t have a credit card, according to a recent study from Bankrate.com, but only 35 percent of adults over 30 shy away from plastic. When the figures were revealed, cheers went up from the Dave Ramsey loyalists who believe credit cards are the financial equivalent to the serpent in the Garden of Eden. But other (perhaps more practical) personal finance experts point to the potential pitfalls of avoiding credit cards.
Can That Really Be True?
When I first read the above stat, I thought it must be grossly inaccurate. As a millennial, I started to poll random friends and only found one who shied away from owning plastic. Then it dawned on me that the study identifies millennials as 18 to 29. This means college-aged millennials are the anchors, dragging down the overall number.
Read the rest on DailyFinance