Millennials Get Out There And Use Those Credit Cards

Dated: 07/15/2016

Views: 262

Johnson City Homes

We realize you probably had to look at the title of this article twice. Aren't you supposed to get OUT of debt when you're searching for a home? While that's generally true, there is actually debt that's healthy debt. Credit has to be establish as you start your financial life, and using credit cards, paying the payment on time, and to the lowest balance can be a great way to start a building block. In today's society, a study by TransUnion  found that 43 percent of millennials have subprime credit. This credit rating will mean these individuals will be less likely to be offered a loan to buy a home or a car – the kind of purchases that loom in the near future for many in the millennial age group of 18-34.

Many credit bureau surveys have found that millennials comprise the generation with the smallest percentage of credit card users; rather, the millennials use debit cards, which do not build credit.  A recent Bankrate survey found that 67 percent of millennials do not even have a credit card. With other generations, the numbers are reversed. Among Gen X, 55 percent do use credit cards, and 62 percent of Baby Boomers use them. 

A quick scout of the internet will allow consumers to review credit cards and interest rates of the best offers in the credit card arena. So millennials, take heed. Find a good credit card, use it wisely, and start building your credit, and your future. 

If you would like some advice on credit building, come by and talk to us at The Shields Team. We have many trusted lending partners who would be most glad to sit down with you and talk about your financial future, at no obligation. Our phone number is (423) 433-6517, and we welcome an in-person visit to meet you at our office inside Keller Williams Realty, 1033 Hamilton Place in Johnson City. We look forward to meeting you!

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Wes Shields

Wes Shields, Team Owner and Listing Agent for The Shields Team at Keller Williams Realty of Johnson City Tennessee, has a long and very impressive list of accomplishments in his 10+ years in the real ....

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