Millennials Are Very Financially Trustworthy

The St. Louis Fed recently republished a note from last November about credit card delinquency. First, they note that millennials have the highest rate of delinquency. But then they make the obvious point that this is because millennials are younger than other generations, and young people always have higher delinquency rates than middle-aged folks. So what happens when you look at different generations when they were the same age?

This is interesting. First, it shows that millennials actually have the least credit card delinquency among recent generations. The authors even suggest that “their relative financial trustworthiness will persist throughout the remainder of their lives.”

But what about that uptick at the end? Starting around age 33, the credit card delinquency of millennials suddenly flattens and then starts to rise. That’s never happened with any other generation, or with younger millennials. What’s up with that? It’s quite prominent and doesn’t look like an artifact, but I can’t even think of a snarky guess about what might be causing this, let alone a serious guess.

THE TRUTH...

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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