If You’re A Millennial, You Just Might Not Want A Credit Card

Don't let this weird Village Of The Damned chick steal your identity just because of the Target credit card security breach! | Source: ShutterStock

Don’t let this weird Village Of The Damned chick scare you. Credit cards aren’t necessarily scary. | Source: ShutterStock

Millennials came of age during a horrible recession that saw a whole lot of Americans in debt, jobless and going for broke. As a result, many millennials are averse to credit cards as a whole. While it may seem great that millennials are avoiding credit card debt, there’s actually a big downside to nixing credit cards entirely: Millennials are having a hard time actually establishing a credit score.

Jeanine Skowronski, a credit card analyst with Bankrate.com, explained to NBC News, “Millennials may think they’re staying out of financial trouble by forgoing credit cards, but they’re actually doing a disservice to themselves and their credit scores.”

Skowronski adds, “The population has become more credit card shy. There is debt aversion for all ages.”

Here’s the rub: Using a credit card responsibly (paying the full balance every month on time) is a great way to build credit and improve your credit score. Those are integral if you want to take out a loan, buy a house, get an apartment or purchase or lease a car someday. You don’t have to be afraid of using a credit card. You have to be afraid of abusing your credit card.

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