Fewer young adults using credit cards

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Friday, June 21, 2013 - 10:51pm

Between student loans and car payments, young adults have plenty of bills on their plate; but it seems fewer of these young adults are using credit cards to pay for them.

A new study from CNN Money shows approximately 16% of people ages 18 to 29 do not own a credit card.

Financial advisor Frank Oliver with Rose Point Capital Advisors says, "I think that sometimes young people have found that in the economic times that they've grown up in, maybe there's a possibility acquiring credit is more difficult than it was."

While this might be bad news for credit companies, some financial advisors say this is a wise choice for young consumers. Oliver explains, "It seems first time users of credit cards feel like because they have applied and been approved that they have somehow been through some sort of process where they can afford to use a credit card, when in reality that's not the case."

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