Young consumers are turning their backs on credit cards and
piling on student loans, according to
June 2013 data
FICO tracked a dramatic shift in debt weight among 18- to
29-year-olds between 2007 and 2012. As the charts below show, the
average mortgage debt and credit card debt loads during that time
span shrank, while student loan debt took their place on the debt
pie for those in the millennial age group.
Debt payoff is only one reason for the falloff in card debt,
according to FICO. The other reason? Millennials are becoming less
likely to have credit cards. Back in October 2007, 9 percent of 18-
to 29-year-olds had no credit cards. By October 2012, the cardless
youth faction had nearly doubled to 16 percent.
5 credit score secrets of the young and
To use the graphic on your site, use the following
alt="Millennials shed credit card debt, take on student loans"