College Students: Credit and Card

college students: Data from the Consumer Financial Protection Bureau show that about half of people ages 18 to 34 had at least one credit card in 2015, compared with 60 to 80 per cent for those 35 and older, according to Brandon Sun. Last year, an analysis of Federal Reserve data by The New York Times found that just over a third of these young adults, or millennials, had credit card balances, an indicator of whether people are using their cards. That can hold them back from building the credit history they'll need later on if they want to finance a car or get a mortgage. Credit card issuers in the past marketed extensively to young people, particularly college students, which helped them establish a credit history. Lingering memories of the economic downturn left younger adults wary of credit cards even when they became eligible. That ended with a federal law in 2009 that made it harder for people under 21 to obtain a credit card. (www.immigrantscanada.com). As reported in the news.