CHERRY HILL, N.J.—Millennials have lower average credit scores than older generations, and a new study reveals certain spending habits that could be major factors.
Research from TD Bank shows 32% of Millennials don't pay their credit cards in full every month, and 25% don't know their credit scores.
One of the biggest factors that influence credit scores is debt utilization, noted LowCards.com.
“The TD Bank study reveals half of Millennials use between 31% and 90% of their available credit. Since this is above the recommended amount, it is likely to damage their credit scores,” LowCards.com said.