FICO: Younger people live without credit cards more than before - KYTX CBS 19 Tyler Longview News Weather Sports

FICO: Younger people live without credit cards more than before

Posted: Updated:

TYLER (KYTX) -  New research on credit card holders show that more young people are opting to stay away from credit cards.

"The rule number one for everyone, if you can't afford it, don't buy it," said Adam Todd who's over client services and does financial advising at Feliciana Financing Group in Tyler.

Todd said one step toward getting financially healthy is simple: Get rid of any credit cards you have. 

Wyatt Bynum, 18 said he just doesn't plan on getting one.
  
"What's the point of having a credit card when you don't have any money anyway," said Bynum.

Credit Score provider FICO (Fair Isaac Insurance Company said since 2007 the  number of people between the age of 18-29 that do not have credit cards have doubled.

Financial planners at Feliciano Financial Group said it's great to cut out those credit cards, and move to debit cards. They said if you want to get your finances even more on track, the best thing to do is to use cash.

  Todd said, cash is better because with debit cards and prepaid cards you don't always know how much you're spending.

"And when you have to hand over a $20 bill and you don't get it back and you only get three dollars back... it's a lot more difficult psychologically to do that," said Todd.

He said the financial education industry is also helping young people become financially conscious.

"This coming year in high school, I'm gonna be taking money matters by Dave Ramsey," said 17-year old Lauren Lusty. She doesn't have a credit card.
  
"I really hope to learn how to be more responsible with my money, because I have an obsession with shopping," said Lusty.

Bynum on the other hand seems to have it all planned out.
  
"My parents definitely want me to be responsible and live a good life and one way to do that is avoid debt," he said.

FICO said much of the change can most likely be linked to people in the 18-29 age range seeing their parents struggle through the recession to finally open their eyes to the importance of financial responsibility.
 
Click here for tips to improve your credit.

 

  • Local NewsMore>>

  • East Texas mother's bond set at $2 million dollars in daughter's death

    East Texas mother's bond set at $2 million dollars in daughter's death

    Tuesday, July 22 2014 1:30 PM EDT2014-07-22 17:30:22 GMT
    UPDATE: An East Texas mother's bond is now set at $2 million dollars. Stacie Marie Parsons was arraigned in the Henderson Co. jail this morning. She is charged with the capital murder of her 4 year old daughter.More >>
    UPDATE: An East Texas mother's bond is now set at $2 million dollars. Stacie Marie Parsons was arraigned in the Henderson Co. jail this morning. She is charged with the capital murder of her 4 year old daughter.More >>
  • ‘Operation Coyote’ targets human smuggling networks

    ‘Operation Coyote’ targets human smuggling networks

    Tuesday, July 22 2014 4:43 PM EDT2014-07-22 20:43:13 GMT
    photo: (ICE)photo: (ICE)
    WASHINGTON (KYTX) — In a news conference Tuesday, Secretary of Homeland Security Jeh Johnson, joined by U.S. Immigration and Customs Enforcement (ICE), U.S. Customs and Border Protection Border Patrol and U.S. Deputy Attorney General announced the progress of ongoing enforcement efforts by ICE Homeland Security Investigations (HSI) and the U.S. Department of Justice to target human smuggling networks in the Rio Grande Valley.More >>
    WASHINGTON (KYTX) — In a news conference Tuesday, Secretary of Homeland Security Jeh Johnson, joined by U.S. Immigration and Customs Enforcement (ICE), U.S. Customs and Border Protection Border Patrol and U.S. Deputy Attorney General announced the progress of ongoing enforcement efforts by ICE Homeland Security Investigations (HSI) and the U.S. Department of Justice to target human smuggling networks in the Rio Grande Valley.More >>
  • Yantis man indicted after admitting to having sex with 12-year-old girl on school playground

    Yantis man indicted after admitting to having sex with 12-year-old girl on school playground

    Tuesday, July 22 2014 4:05 PM EDT2014-07-22 20:05:14 GMT
    photo: Wood Co. Jailphoto: Wood Co. Jail
    QUITMAN (KYTX) – A Wood County Grand jury has indicted a Yantis man on child sex abuse charges.More >>
    QUITMAN (KYTX) – A Wood County Grand jury has indicted a Yantis man on child sex abuse charges.More >>
Powered by WorldNow

CBS19, MYTX & KCEB
2211 ESE Loop 323
Tyler, TX 75701
Phone (903) 581-2211
Fax (903) 581-5769

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KYTX. All Rights Reserved. Users of this site agree to the Terms of Service, Privacy Notice/Your California Privacy Rights, and Ad Choices.