The relationship between millennials and credit is complicated so we have simplified it into this infographic.
Millennials were born between 1980’s-Early 2000’s
They are the current largest generation, by far.
2/3 of students graduate with student loan debt and the current balance is $1.2 trillion dollars.
Over 50% of Millennials have a credit score below 670.
They make less money than their parents did when they were their age.
They are wasting money on Same day deliveries, organic food, and tattoos. They are not spending money on cars, homes, or credit cards.
For millennials to get ahead of the game we suggest they start by understanding their credit score, diversify their credit, keep low credit card balances, and pay bills on time!