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“A really challenging time was when I moved to Omaha (Nebraska) from New Jersey last year with my boyfriend, who also doesn’t have a credit card,” she says.“My savings took a beating during that time and I’ve spent the last year building it back up.According to Experian, the average Vantage Score for millennials is 628, which lenders largely consider subprime.(Baby boomers and Generation Xers have an average Vantage Score of 700 and 653, respectively.) Millennials “have to understand that it costs you money not to use credit just as it costs you money to use credit,” says Mike Sullivan, director of education at nonprofit credit and debt counseling agency Take Charge America, because low credit scores or no credit scores won’t qualify for low loan rates.Additionally, 18- to 29-year-olds were most likely to often miss payments completely.
A whopping 63 percent of millennials (ages 18 to 29) don’t have a credit card, according to a survey commissioned by Bankrate and compiled by Princeton Survey Research Associates International.
Comparatively, only 35 percent of adults 30 and over don’t have credit cards.
There are, admittedly, external factors influencing the statistics.
Twenty-seven-year-old Omaha, Nebraska, resident Erin Duffy has never had — or even wanted — a credit card.
“I’ve been able to get along without it,” she says, attributing the choice to ambivalence and a wariness of plastic her parents fostered in her during her formative years.
“The idea with a credit card is you’re essentially putting money down that you don’t have.” Like many members of her demographic, Pileiro is perfectly content with her debit card, a payment method whose existence has eaten into the credit card’s market share.