But student loans aren’t the only thing keeping Millennials from getting a credit card. In fact, according to Bankrate.com, only 33% of adults between the ages of 18 and 29 have a credit card. When asked why responders cited both personal previous financial problems and seeing their close friends and family struggle with financial problems during the recession.
After seeing the mistakes their parents and other family members made, Millennials are extra careful to not repeat them.
Many Millennials equate credit cards with debt and underestimate how credit cards can actually help them build credit if they use them the right way. Without a strong credit history, Millennials may find it difficult to get approved for car loans or a mortgage.
Of course, it’s wise to try to avoid debt, but once Millennials start making those large purchases and moving into a new stage of life, they might realize that credit cards can actually be a useful tool.