Millennials, guys, they’re just the worst, right? If they’re not forcing highly processed foodstuffs like Hot Pockets to at least appear to be made of real food, they’re not buying cars (because the cars are full of spiders). Everything they do is changing one cherished American tradition or another, and now according to Bloomberg News, they’re not even racking up awesomely irresponsible amounts of credit card debt. They DO know that’s the last thing keeping the economy moving, right?
According to Bloomberg, more than half of credit card holders between ages 21 and 26 pay their credit card balance back every month, leaving America’s credit card debt “stagnant” and forcing banks to scrape by collecting less and less interest. Millennials pay their balance off in bigger number than Gen X and Baby Boombers, two generations who appreciate the fact that it’s your duty as an American to enrich banks by racking up debt by buying shiny crap you won’t use in a couple months.
Even worse, two in five millennials say that actually bother to take advantage of their credit cards’ rewards programs. That means banks are going to have to actually start offering better rewards in the future, ones that could cut into their profit margins. Thank god the oceans are gonna wipe us out in a generation or two, because we can’t take much more of these responsible young people who refuse to live fast and die young.