The WalletHub study notes that, people aged 29 or younger, are 93% more likely to not like the credit card than someone 59 and up. For baby boomers, they’re fully 479% more likely than millennials to consider credit cards worthwhile thanks to their sheer convenience as measured against cash. Priorities in card issues were different as well; when asked whether rates or rewards make the better card, 58% of baby boomers said rates, while the slim 51% majority of millennials said rewards.
Even memories are skewed in favour of the boomers: 80% had more good memories of credit cards than bad, while only around 60% of millennials could say likewise.
Maybe with a few protection measures built in, like longer-term debt repayment or the like, millennials might come around to the credit card the way their parents did. For right now, though, the credit card itself may be on borrowed time.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now