Infographic: Millennials swap credit cards for student loans
By Kristin McGrath and Juan Rodriguez
Young consumers are turning their backs on credit cards and piling on student loans, according to June 2013 data from FICO.
FICO tracked a dramatic shift in debt weight among 18- to 29-year-olds between 2007 and 2012. As the charts below show, the average mortgage debt and credit card debt loads during that time span shrank, while student loan debt took their place on the debt pie for those in the millennial age group.
Debt payoff is only one reason for the falloff in card debt, according to FICO. The other reason? Millennials are becoming less likely to have credit cards. Back in October 2007, 9 percent of 18- to 29-year-olds had no credit cards. By October 2012, the cardless youth faction had nearly doubled to 16 percent.
To use the graphic on your site, use the following code:
Published: July 2, 2013
- Many prefer debit for everyday buys, credit for the big ones – For many, debit cards lead credit cards as a primary payment method, a TD Bank survey finds. But for big-ticket items, nearly all groups prefer credit cards ...
- Infographic: Cards gain ground as payment method – Fewer Americans are using paper-based payments in 2016, while almost all plastic and electronic forms are on the rise ...
- Infographic: The financially happy now outnumber the unhappy – For the first time since before the Great Recession, the majority of Americans feel cheerful about their finances ...