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.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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