Posted on 08/07/2017 11:19:24 AM PDT by BenLurkin
A few millennials...actually believe that missing a card payment would “improve” their credit rating, the survey said.
“It was only 6 percent, but it actually shocked us,” said Mike Brown, a research analyst with LendEDU and the author of its Millennials & Credit Cards Survey. “They might think that by missing a payment they are gaming the system,” he added.
Seventeen percent said missing a card payment would have no effect on their score.
LendEDU, a Web site that provides information for student loan refinancing, also found that many millennials are spooked by credit cards, yet many use them in self-destructive ways. This leads to late-payment charges and poor credit scores.
The report, which questioned 500 millennials from various educational backgrounds who use cards, also found that some 36 percent have maxed out cards. Some 48 percent carry card balances on which they pay hefty interest charges from month to month.
That doesn’t seem to make a difference to 45 percent of those questioned. They didn’t even know their credit-card interest rate. The survey also found that about a quarter of respondents are carrying three or more cards.
That is too many for young people, most financial advisers say. “One to three is enough to establish a credit history,” said adviser Charles Hughes. “More than that, and you are tempted to run up lots of bills.”
Other young people fear cards could ruin their lives, so they avoid them, the report said. About half polled said they found cards “scary.”
(Excerpt) Read more at nypost.com ...
There have always been trolls and there will always be trolls. Teenagers are discovering how the world really works, white lies and all. Sometimes, they cannot resist setting little traps of policy confusion.
No they cannot change a tire. I doubt they could air one up.
Pay your bills at the end of the month and you get an 850.
*************
Not true , I pay my bills each month but I don’t borrow money , I have no score... There are interdependancies based on available and used credit lines ,,, simply not going deeper and deeper in cc debt will get you a bad mark...
Surely follows why so many of them think socialism or communism “works great” if only it was done right.
JoMa
Honey,most of them don’t even know when they need a diappie change.
So no....
They should title this article, “Mike Brown, a research analyst with LendEDU and the author of its Millennials & Credit Cards Survey, actually believes that people answer his survey truthfully!”
Talk about cluelessness - Mike Brown is the leader of the pack in that department...
A shock some did not think it was all free, like an EBT card.
Or drive a manual transmission?
And their student loans, just too hard to pay so let's make taxpayers pick up the staggering tab.
‘Millennials’? WHOLE lot of peeps, in all age brackets, whom couldn’t tell ya how credit works, compound interest, PMI, mortgages....economics in general.
It’s not as if our govt indoctrination facilities (aka ‘schools’) are teaching life skills. Could live a good life, in the 1900’s, with just an 8th grade education. Now? Not even a college degree...
Blame also lies on the parents for handing over their brood to BE brain-washed, instead of ensuring a quality education; that new care, big house, vacation, etc. wasn’t going to be FREE (AND/OR) ensuring that govt remained small as to NOT require 2 bread-winners
We’ve had the highest score possible for about 20 years. We pay all our bills.....and on time! It did go down for a bit when I closed a bunch of paid off, dormant credit cards.
My brother-in-law is one of them. He’s declared bankruptcy twice and doesn’t feel the least bit of responsibility. He completely blames the lenders because they should have known he wouldn’t be able to pay them back.
“Some 48 percent carry card balances on which they pay hefty interest charges from month to month.
That doesn’t seem to make a difference to 45 percent of those questioned. They didn’t even know their credit-card interest rate.
Surprise, surprise. Another badly written article. Does it mean that 45% of the 48% who carry balances don’t know their interest rate, which is shocking negligence and/or outright stupidity, or is it 45% of all cardholders, so it could be a subset of the 52% who don’t carry a balance and therefore for them it’s irrelevant what the interest rate is?
“Some 48 percent carry card balances on which they pay hefty interest charges from month to month.
That doesn’t seem to make a difference to 45 percent of those questioned. They didn’t even know their credit-card interest rate.
Surprise, surprise. Another badly written article. Does it mean that 45% of the 48% who carry balances don’t know their interest rate, which is shocking negligence and/or outright stupidity, or is it 45% of all cardholders, so it could be a subset of the 52% who don’t carry a balance and therefore for them it’s irrelevant what the interest rate is?
My local AM news radio station currently has been running a 60 second ad from some credit assistance agency. The ad announcer states that “the secret credit card companies don’t want you to know is that you don’t have to pay off your credit card.” I about fell over when I first heard this. And the ad has been running for awhile now.
So, this ads “educates” the unfortunate Millenial that the credit card companies secretly really don’t require you to pay them back. Not sure what services this company actually offering, but no doubt there are many who will max out their cards and think there is some way, somehow, they won’t really be required to pay off the credit card... so go ahead, somebody will eventually take care of the bill.
Absolutely. IMO, this is a partial indictment of the modern family. What father or mother doesn't help educate their kids about money, credit, changing a tire, etc?
Six percent of people are incurable stupid
Not a surprise
If you dont pay.. your FICO is FUCO
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