Surprising and interesting views millennials have regarding credit

Millennials have many surprising views related to credit and credit cards. Many of these views may come as a surprise, but there are a number of good reasons that various sources noted about millennials and their feelings toward credit.

Millennials​' feelings toward credit
According to Time Magazine, many individuals who are part of the millennial generation, are actually averse to the concept of credit. Of course, given the economic conditions millennials have grown up in – a recession and a relatively slow recovery – being up front about money seems like a plausible explanation for the prevailing feeling millennials have about credit and credit cards. 

For example, a survey by Bankrate.com found 63 percent of Millennials do not own a credit card, a majority that is a far cry from the reception past generations have shown toward credit cards.

Millennials not enamored with concept of credit, unlike previous generations
Bankrate.com's survey also documented individual responses of millennials about their wariness toward credit. 

"I've been able to get along without it," said 27-year-old Omaha, Nebraska, resident Erin Duffy, according to Bankrate.com "I've liked being able to pay for things as I go, not having to worry about missing a bill."

Melissa Pileiro, a 24-year-old resident of Vineland, New Jersey, said "I don't really feel like there's a need for one in the way I live my life. The idea with a credit card is you're essentially putting money down that you don't have."

As the above examples show, many millennials seem to be avoiding using credit to pay for things, which was certainly not always the case among younger generations.

Misconceptions millennials have about debt
Millennials​' views toward credit cards were in stark contrast with the sentiments of their elders – the survey found among adults over 30, only 35 percent don't have credit cards. However, the relative indifference millennials have toward credit has led to the forming of misconceptions about credit scores. For example, Time Magazine noted that many millennials view credit in ways that are incorrect.

One example of this is the misconception that checking your credit score hurts your credit, though it doesn't, noted Time Magazine. Another example is the ideas millennials have about carrying a balance and its negative effect on a credit score. This thought is mistaken as well.

While these mistaken views are relatively harmless, especially given the fact that millennials have shown little interest in obtaining credit cards, or at best a perfunctory interest, it could become a problem in the future if millennials decide to acquire a credit card to pay for any number of responsibilities that come with adulthood. Therefore, prior to obtaining a credit card, it would probably be prudent for you or another millennial to contemplate taking a class to learn more about how credit works. 

Given that major purchases requiring credit will have to be made at some point, having some basic knowledge about credit will be indispensable in navigating the world successfully. An analyst from Bankrate was able to effectively convey the value attached to being responsible with credit. 

"The responsible use of credit cards is one of the easiest ways to build a strong credit score, which is essential for qualifying for insurance policies, auto and mortgage loans, and sometimes even a job," said Jeanine Skowronski, Bankrate's credit card analyst, according to Time Magazine.

So, if millennials want to move through the world of credit with skill, dispelling misconceptions will be an integral step in moving toward an educated and responsible stance toward credit, an ethic that will hopefully translate into benefits for the millennial generation as they increasingly enter the work world.