The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.
Young consumers are turning their backs on credit cards and piling on student loans, according to June 2013 data
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.See related:5 credit score secrets of the young and FICO-savvy
, More infographics
To use the graphic on your site, use the following code:
<center><a href=”https://www.creditcards.com/credit-card-news/millennials-swap-credit-cards-student-loans-1701.php”><img alt=”Millennials shed credit card debt, take on student loans” border=”0″ src=”https://www.creditcards.com/credit-card-news/images/infographic-young-consumers-2.jpg” /></a> </center>
The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.