Data shows that a growing number of millennials are not taking out credit cards in order to avoid potential debt. This might seem like a good idea, but it can have negative consequences. With no financial history, creditors have less data of timely payments and responsible debt management to work with, meaning that millennials could find themselves faced with poor credit scores.
According to Consumer Reports, it is a mistake not to have a credit card. When calculating credit scores, companies take many financial transactions into consideration. These are used to provide access to financing for mortgages and car loans. Scores for those without a credit card will not be good, and they c...
from MoneyTips http://www.moneytips.com/how-credit-cards-can-benefit-millennials/684
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