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Mullooly Asset Management

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the expiration date on the card is…?

August 7, 2017 by Thomas Mullooly

Are you good at saving money?
Are you a credit card junkie?

We’re learning “saving money” is a skill …and not everyone OWNS that skill.  That doesn’t make them bad people.
It just makes the potential for their future somewhat …dicey.

Now, this post discusses results from a survey of millennials — and how messed up some of them are.
Some Millennials are truly in a financial tornado — and some won’t get out alive.

But understand, as you read these points, you can replace the term “Millennials” with “Generation X” or even “Baby Boomers.”
And take it from us, even some folks from the self-appointed “Greatest Generation” fall into these same kinds of awful results (we’ve seen them)!

So here goes: A new survey found “millennials’ knowledge of credit cards is lacking” and “very concerning.”

There are no “precise” dates for them — Millennials are defined as those born in the late 1980’s through the early 2000’s.

But we are not picking on Millennials, bless their little hearts.  No, the results of the survey could (in our opinion) be applied to Gen X’ers, Baby Boomers, and even folks from the “Greatest Generation.”

Some of the results from this survey were a little eye-popping:

  • Six percent of millennials surveyed believe missing a card payment would improve their credit rating.
  • 17% percent said missing a card payment would have no effect on their credit score.

(meaning, nearly one in four — simply do not understand the importance of paying bills on time)

The survey also found:
29% said they have completely missed a credit card payment.

And like they say on TV, “But wait, there’s more:”

  • 36% have maxed out their credit cards.
  • 48% carry card balances on which they pay interest charges from month to month.
  • 45% did not even know their credit-card interest rate.
  • 24% of respondents (nearly one in four) are carrying three or more credit cards.
  • Sadly, 30% (or three out of ten people) said they are dependent on their credit card for basic living expenses.

It is also worth mentioning, the same site pointed out roughly 50 percent of respondents thought they would be helped by federal student loan forgiveness programs after graduation.  The reality of these forgiveness programs is a much, much smaller number.

While reading  these numbers, our emotions ran from heartbroken to angry …and every stop on the train in between.  This is just wrong.

If you are interested in reading the nitty gritty details, they are all here: https://lendedu.com/blog/millennials-credit-cards-survey-report/

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Filed Under: Financial Planning

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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