Hope you are doing well. I just wanted to see if you had the chance to look at LendEDU's Millennials & Credit Cards Survey & Report.
Here is a link to the report: https://lendedu.com/blog/millennials-credit-cards-survey-report/
I was very surprised to see that nearly 6% of millennials believed their credit score would go up after missing a credit card payment.
It was also interesting to see that 41% of millennials see credit cards as a scary thing. The Financial Crisis of 2008 has caused a generation of American consumers to be afraid of debt.
What were your thoughts on the report? I would love to hear any questions or comments you may have.
Best,
Michael
----------------
Michael Brown
Research Analyst
Email: michael@lendedu.com
LendEDU.com
Read More About LendEDU:
LendEDU Is Making Student Loan Refinancing Easier @ TechCrunch
Medical, Dental, 401(k)? Now Add School Loan Aid to Job Benefits @ New York Times
On Thu, Jul 20, 2017 01:16 pm, Michael Brown wrote:
Hi Oracle,
We just released the results of our Millennials and Credit Cards Survey:
https://lendedu.com/blog/millennials-credit-cards-survey-report/
There are 17 questions related to credit card usage, perceptions, and
knowledge.
Here are some of the most interesting data points:
- 41% of Millennials said that the thought of using a credit card is a
scary thing.
- 36% of Millennials said that they have maxed out their credit card limit
- 45% of Millennials said that they do not know the interest rate on
their credit card, yet 48% carry a balance on their credit card each
month.
- 24% of Millennials see their credit card as a status symbol
- 6% of Millennials said that a late payment would help their credit scoreI would love for you to read our full-report. And, I would be happy to
answer questions if needed.
Best,
Michael
----------------
Michael Brown
Research AnalystEmail: michael@lendedu.com
LendEDU.com
Read More About LendEDU:
LendEDU Is Making Student Loan Refinancing Easier @ TechCrunch
Medical, Dental, 401(k)? Now Add School Loan Aid to Job Benefits @ New York Times
1. Which of these reasons best describes why you have a credit card?
- 69.40% wanted to build a credit history
- 13.40% wanted to use a credit card to help their monthly cash flow
- 13% wanted to earn rewards on their purchases
- 4.20% had parents that opened their credit card account for them
2. Did a sign-up bonus incentivize you to open a credit card?
- 61.40% said no, a sign-up bonus did not incentivize them
- 38.60% said yes, a sign-up bonus did incentivize them
3. Which of the following best describes your credit card usage?
- 52.40% pay off their balance in-full each month
- 47.60% carry a balance on my credit card from month to month
4. Have you considered opening up a balance transfer credit card to pay down your credit card balance?
- 66.39% said no, they have not considered a balance transfer credit card
- 33.61% said yes, they have considered a balance transfer credit card
5. Would you consider the thought of using a credit card a scary thing?
- 58.80% said no, they do not consider the thought of using a credit card a scary thing
- 41.20% said yes, they do consider the thought of using a credit card a scary thing
6. Are you dependent on your credit card for basic living expenses (e.g. monthly rent, groceries, water bill, etc.)?
- 69.40% said no, they are not dependent on their credit card for basic living expenses
- 30.60% said yes, they are dependent on their credit card for basic living expenses
7. Do you see your credit card as a status symbol?
- 76.40% said no, they do not see their credit card as a status symbol
- 23.60% said yes, they see their credit card as a status symbol
8. How many credit cards do you have?
- 52% said they have one credit card
- 24% said they have two credit cards
- 12% said they have three credit cards
- 7% said they have five or more credit cards
- 5% said they have four credit cards
9. What was your primary reason for opening up an additional credit card?
- 33.75% wanted a card that offered better rewards or cashback
- 32.08% wanted a higher credit limit
- 15% said other
- 9.58% wanted to do a balance transfer to save money on interest
- 9.58% wanted to take advantage of a new sign-up bonus
10. Have you ever completely missed a credit card payment?
- 71.40% said no, they have never completely missed a credit card payment
- 28.60% said yes, they have completely missed a credit card payment
11. What is the impact of a late payment on your credit score?
- 76.92% said their credit score would go down
- 17.48% said their credit score would not change
- 5.59% said their credit score would go up
12. If your credit card company increases your interest rate, can you do anything about it?
- 68.40% said no, they must accept it
- 31.60% said yes, they can refuse the increase
13. Do you know your current credit card limit?
- 83% said yes, they know their current credit card limit
- 17% said no, they do not know their current credit limit
14. Have you ever maxed out your credit card limit?
- 64% said no, they have never maxed out their credit card limit
- 36% said yes, they have maxed out their credit card limit
15. Do you know your current interest rate on your credit card?
- 55.40% said yes, they do know the current interest rate on their credit card
- 44.60% said no, they do not know the current interest rate on their credit card
16. Do you know the late-payment fee charged by your credit card company?
- 65.60% said yes, they do know the late-payment fee charged by their credit card company
- 34.40% said no, they do not know the late-payment fee charged by their credit card company
17. Do you know the penalty APR charged by your credit card company after a late payment?
- 52.20% said no, they do not know the penalty APR charged by their credit card company after a late payment
- 47.80% said yes, they do know the penalty APR charged by their credit card company after a late payment
