It may not come as a huge surprise but there are many credit card mistakes that millennials are making. And while they aren’t the only generation of folks making errors with their cards, it does appear to happen more often with their age bracket.
- Almost 50 percent of millennials (approximately 47.6 percent) have outstanding balances on their credit cards.
- Nearly 24 percent see having a credit card as a status symbol, which is a superficial reason to open an account and one that may not drive someone in the right credit direction.
- A surprising number of millennials did not realize that their credit score would be negatively affected if they made late payments on their cards, while an even more shocking amount (almost 6 percent, but this should honestly be at 0) thought their scores would increase from late payments.
Image via PYMNTS.