Here is a great infographic from the folks at Avant.com discussing the relationship between millennials and credit. Why is their credit score below average? Here’s an interesting look at some of the details between millennials and credit.
The Relationship Between Millennials and Credit
Where Millennials stack up against the U.S. Credit Score
Average U.S. Credit Score: 695
Age: 19 to 34 had a 625 average credit score
Average debt (including mortgages) $52,120
Bankcard balance overage $3,403
Credit utilization 43%
Why Millennials scores aren’t as high as previous generations
– Spending after consolidating debt: 23% of Millennials would consolidate their debt to spend more money
– Loan use: 29% of Millennials would take out a personal loan for a vacation or wedding
– Lack of credit awareness: only 48% of Millennials are aware of their credit score
– Underemployment:20% of degree-holding Millennials earn less than $25,000
– Lack of investment: In 2014, only 38.6% of millennials held equity in stock
This infographic is from the folks at Avant.com.
I wonder how this will work out for millennials down the line?