Millennials can benefit from credit education
Although student loan debt routinely makes the news as being the most challenging debt factor facing Millennials, this demographic is no stranger to credit card debt as well.
In fact, new data from Experian indicates credit card debt surpasses student loans as the most common form of debt for Millennials. Thirty-eight percent of Millennials surveyed have credit card debt, followed by 36 percent with student loan debt. Other Millennial debt breaks down as follows:
- Auto loans — 28 percent
- Home loans — 20 percent
- Personal loans — 17 percent
- “Other” debt — 14 percent
The report, which polled 1,000 consumers between the ages of 19 and 34, also analyzed Millennials’ views on personal finance and their credit knowledge. Experian found a number of Millennials lack knowledge about credit or are apathetic about it, even though 75 percent said they’ve had a lending or leasing experience impacted — positively or negatively — by their credit scores.continue reading »