Contact Us

Survey — Many Millennials Don’t Understand How Credit Cards Work

Laurent davoust

Here are some of the more interesting findings from a survey of 500 Millennials done by LendEDU. These stats are from an article in the New York Post:

  • 48% carry card balances on which they pay hefty interest fees.
  • 91% couldn’t tell the surveyors what their credit card interest rate was.
  • Over 70% didn’t know what their over-balance fee was
  • 25% of Millennials are carrying three or more credit cards

And, of course, we’ve saved the most mind-melting statistic for last:

  • 6% of Millennials believed missing a credit card payment would HELP their credit score.

Millennials, here’s the basic skinny on credit cards: Credit cards are NOT free money. They can be useful tools for recurring bill payments and can be used for convenience sake instead of money. But, and this is important so pay attention, using a credit card is still spending money. Money costs money. If you spend money and then don’t pay it back right away (ie: in full, every business cycle) you’re going to get hit with hefty (sometimes onerously heavy) interest fees. Interest fees are the price you pay for borrowing money. You want to keep your interest fees as close to zero as possible.

Best of 96.5 The Rock

Recommended For You

Best Of The Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for The Rock VIP Club quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive The Rock VIP Club contests, events, coupons, presales, and much more delivered to you for FREE.