It might be time for the kids to sit their parents and grandparents down for a lesson on credit card debt.
At least that's the takeaway from a report last week from Auriemma Consulting Group showing that the younger set of credit cardholders are the more responsible.
The survey revealed that about one in four Millenials, or those born in the 1980s and 1990s, said they frequently carried a balance on their credit cards. That's way down from 44 percent in 2007 and is the lowest percentage among the generations.
Nearly a third of Baby Boomers reported frequently carrying a balance, down slightly from 36 percent four years ago. And 35 percent of Generation Xers said they were frequent revolvers, compared with more than half in 2007.
"Many (Millenials) have been scarred by seeing friends or family struggle with unmanageable debt loads, and view credit as dangerous rather than helpful," says Dr. Patricia Sahm, managing director at Auriemma Consulting Group.
Sahm also noted that the younger group prefers using debit cards over credit cards.
In general, Americans continue to reduce their credit card balances each month, according to a smattering of reports from the Federal Reserve, the credit-reporting agencies and the credit card companies themselves.
How are your children or grandchildren managing their credit cards? Are you active in teaching them about the power and pitfalls of plastic?
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