More Young People Ditching Credit Cards

June 20, 2013
New York Times 
credit card news

In 2012, 16 percent of adults aged 18 to 29 did not have a single credit card -- up from 9 percent in 2005. That is one of the findings of FICO's new analysis of data on millions of consumers, which also discovered that adults aged 60 and older who have no cards edged up from 1.5 percent to 2 percent over the same time period. Meanwhile, the younger age bracket has brought down its average outstanding credit card debt to $2,087 as of October 2012 from $3,073 five years earlier.
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