The Younger Generation and Credit Card Deals

It is well-known that the time and the historical events have a great influence on people's character and way of life. Of course men and women of different generations think differently about credit card deals. Today we are going to discuss the financial habits of Baby Boomers (born between 1946 and 1964) and financial habits of Generation X (1965-1979).

What are their main problems, should they learn more about credit cards in order not to end up in huge credit card debt?

Almost every Baby Boomer has a credit card today, because almost everyone can easily get it. They use plastics, because they are extremely convenient. According to the financial specialist, Baby Boomers use plastics in stores and supermarkets, just because it is much easier than paying in cash!

Unfortunately, they are not in total control of their spendings, 45% of households risk to fall in huge credit card debt. Luckily, the economists claim that Baby Boomers have realized their mistakes within the last decade and now do their best to make their financial situation better. They are more cautious with credit cards now. No wonder! Boomers are facing the retirement and if they have huge debts, it will not be so pleasant!

Let's talk about Gen X'ers. They are modern credit card users, who use their best credit cards to purchase everything: from green beans to blue jeans!

Once my friend Julie was flying to New York for business and met an interesting young man, Robin. She wondered why was he flying to New York, the answer was shocking for her! He said that he took this flight simply to triple miles on his airlines credit card! Julie got the feeling that she has never studied the terms and conditions of her rewards card that deeply!

It is true, the Generation X'ers don't hesitate to use their credit cards to buy anything! Some of them even finagle down payments on houses or cars using their plastics! It may sound crazy, but it is normal for them!

Of course it is wrong to think that all the people of this generation are irresponsible. Dane McCarty, who is 38, owes a successful company in Boston. He uses his credit card for about 20 years. He makes all his purchases with his Visa rewards credit card. He buys gasoline, food and even $1.25 cup of morning coffee with his plastic! But Dane always pays his balance in full and every month, that's why his credit score is in order and he is not scared to fall into financial black hole.

But the situation is still pretty difficult, according to the pole, more than 47% out of 5,000 respondents of this age group is living paycheck to paycheck and don't have any money left to save. 35% believe that they will not be able to repay their credit card debt for the rest of their lives.