Infographic: Cardlessness among young people up nearly 80 percent
By Kristin McGrath and Juan Rodriguez
All age groups are increasingly shedding credit cards, according to June 2013 data from FICO. Yet no age group is ditching them faster than young people.
Between October 2005 and October 2012, FICO tracked an increasing number of consumers who no longer had a credit card. Yet the percent of cardless 18-to-29-year-olds (16 percent) towers above that of any other age group. In fact, that 16 percent represents a 77 percent jump from 2005. The 30-to-39 crowd also saw a sizable (50 percent) jump between 2005 and 2012.
FICO attributes the trend partially to the CARD Act of 2009, which makes it much more difficult for consumers under 21 to get credit cards. Another factor at play, according to FICO, could be the recession, which made consumers as a whole -- and young people in particular -- wary of borrowing money.
The chart below shows (by age group) the percent of consumers without any credit cards between October 2005 and October 2012.
To use the graphic on your site, use the following code:
Published: September 9, 2013
- Young consumers most cautious about online payments – A survey shows that showing that young consumers are the most cautious when paying for their purchases ...
- Digital wallets: Merchants to pave the way for consumer acceptance – Despite security concerns, more Americans are willing to use digital wallets, if merchants oblige ...
- Infographic: Debit, credit cards still killing off checks – The Fed’s 2015 shows checks account for only 12 percent of U.S. noncash transactions compared to 16 percent in 2012 ...