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FICO: Younger people live without credit cards more than before

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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.

 

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