NEW YORK—Once considered a generation of savers who learned from their parents’ spending mistakes during the Great Recession, Millennials are now racking up credit card debt, a new report reveals.
“This group originally showed a healthy aversion to credit card debt. From 2008 to 2012, only 41% of those in their 20s had a credit card. That number has grown to 52%, as Millennials seem to be succumbing to our credit-crazed culture,” stated CNBC, citing New York Federal Reserve data.
Unfortunately, a large percentage are mismanaging that debt, CNBC said.
“To that point, 8% of Millennials' card balances were seriously delinquent in the first quarter of this year, according to the New York Federal Reserve Bank,” CNBC said. “That is by far the highest for any age group.”