Data from the Federal Reserve shows that the percentage of U.S. Millennials (people under the age of 35) who own a credit card has fallen to its lowest level since 1989, according to PYMNTS.
The source reports that because Millennials came of age in a time of high unemployment and record foreclosures, they are wary of taking on credit card debt. The consequence is that it may be harder for that group to get a mortgage or purchase a car.
Millennials are also gravitating towards payment methods that require neither cash nor credit; rather, mobile payment apps are more popular among Millennials than older generations, the source reports.
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