The number of people ages 18 to 29 without a single credit card has doubled in the last five years, standing now around 16 percent, according to information collected from millions of files by credit score provider FICO
Experts site the rise of prepaid cards and kids learning from watching their parents struggle with debt during the recession as reasons young people are passing on plastic.
Plus provisions of the CARD Act, put in place in 2010, made it harder for people under 21 to get a credit card in the first place.
The results look good: Young people carrying less debt.
In the long run a well-managed credit card account can help boost that credit score, landing better interest rates when it comes time to buy a house or car.
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