HOBOKEN, N.J.—Refuting the thinking that Millennials have learned from mistakes made by their Boomer parents–mistakes that contributed to the Great Recession and made their kids credit cautious as a result– a new report indicates that many Millennials are relying heavily on credit.
In a recent LendEDU survey of 500 Millennial credit card owners, the results were concerning, noted Forbes.com in its analysis.
“To summarize: 47% don't pay off their balance in full each month; 36% have maxed out their credit card before; 30% reported being dependent on credit cards for basic living expenses; 17% thought their credit score would remain unchanged after a missed payment while 5% believed their score would go up with missing payments,” Forbes said.