BROOKLYN, N.Y.—While U.S. credit card usage is high—33% of adults own at least one or two credit cards and another 34% own three or more cards—Millennials are causing a slide in credit use.
Almost 50% (49.7%) of young Americans between the ages of 18 and 34 don't own a credit card, according to a study from MyBankTracker.com. Even worse for the card industry, 35% of Americans ages 25 to 34 has never applied for a credit card, the website stated.
The study also shows that 53% of those ages 18 to 24 said they don’t have a credit card and never applied.
For many, it’s about having more control and resisting temptation, MyBankTracker.com noted.
“One big factor is the front-row seat younger consumers had for the Great Recession, watching their parents and grandparents struggle with debt,” said Bill Hardekopf, CEO at LowCards.com, Birmingham, Ala. “Another is their own wrestling match with enormous debts of their own making.”