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Fewer Young Adults Carrying Credit Cards

 

New research by a credit score provider shows more young Americans are living without credit cards.

The study by FICO found that about 16 percent of consumers aged 18 to 29 didn't have a single credit card in 2012 -- twice what it was in 2007.

Gay Pustaver of Money Management Counselors says one reason young adults are ditching the plastic is because they just witnessed their parents and other members of the older generation go through a very difficult recession.

Pustaver says another reason fewer young adults are carrying credit cards is the 2010 CARD Act which, among other things, made it more difficult to qualify for a credit card.

Because the 18-to-29 crowd is carrying less plastic they're also carrying less debt. FICO says credit card debt among the age group has declined about a third -- from an average of $3,073 per person to $2,087 per person.

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