BACK

Student credit cards and young credit

Younger borrowers closing delinquency gap

Summary

Younger people have higher expectations of missing a debt payment, survey finds, but they’re closing the gap

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.

Younger people say their odds of missing a debt payment are dropping. But they still have the highest chance of going delinquent on their debt — much higher than people at retirement age, a new survey by the Federal Reserve Bank of New York shows.

The reserve bank’s Survey of Consumer Expectations asked people their odds of missing a minimum debt payment within the next three months. In October, people under 40 said the chances of going delinquent were about 16 percent, while the over-60 set gave their odds at just 6 percent.

However, the under-40 group wins the badge for having the most improved financial picture. Their expectations of missing a payment have fallen from about 20 percent since the survey began in 2013, a bigger drop than other groups. The monthly survey asks a panel of 1,200 people about their expectations for prices, jobs and household finances.

See related:ABA study: Card delinquency stays low

Editorial Disclaimer

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.

What’s up next?

In Student credit cards and young credit

Pint-sized super savers

Kids who prefer saving to spending are rare, and a parenting challenge

See more stories
Credit Card Rate Report Updated: December 2nd, 2020
Business
13.91%
Airline
15.53%
Cash Back
15.85%
Reward
15.76%
Student
16.12%

Questions or comments?

Contact us

Editorial corrections policies

Learn more