Monthly Archives: November 2013

Millennials Carrying Less Debt, But Have Trouble Paying Bills

Although Millennials have fewer credit cards than older generations, and a lower credit card balance than the national average, they are struggling to pay bills.

According to this Wall Street Journal article, here is a breakdown of number of credit cards (on average) by generation:

  • Millennials: (ages 19 to 29): 1.5 credit cards
  • Gen X (ages 30 to 46): 2 credit cards
  • Baby Boomers (ages 47-65): 2.7 cards of Baby Boomers

Millennials: also carry less less debt:

  • Millennials: $2,700
  • National average: $4,500
  • Gen X and Baby Boomers (ages 30-65) $5,300

According to the article, Millennials appear to struggle with paying their bills (and it doesn’t matter if it’s credit cards, auto loans, or student loans). Millennials also have “the worst credit habits.”

Read more:
Wall Street Journal: Millennials Wary of Borrowing, Struggle With Debt Management

Introducing Money Possible: Destroy Debt campaign

In an effort to increase consumer’s awareness of personal financial literacy, Wichita area credit unions are partnering with the Kansas Credit Union Association to launch a consumer financial literacy campaign, Money Possible: Destroy Debt.

How it works:
The Money Possible campaign will follow several credit union members/families as they work to destroy debt in their household. The participant(s) will receive weekly counseling from the
Consumer Credit Counseling Service as they learn valuable money management skills and increase their personal financial literacy.

These families will share their stories via social media, here on the blog, as well as on select media outlets.

No confidential information will be shared.

Who are the individual(s)/ families participating in the Money Possible campaign?
Any member of a Wichita area credit unions can apply to participate in this program. The participants will be chosen by the Kansas Credit Union Association. Ideal candidates should be willing to share their financial story publicly, and be able to participate in a 16-week financial literacy program.

When does the campaign start?
The participants will begin the program in mid-February. The program will end in mid-June. Segments on KAKE-TV will begin airing in early March.

When do I have to sign up?
DEADLINE to sign up is December 20, 2013. Selected participants will be notified by mid-January. Visit your local credit union for an application form.

What is the purpose of the Money Possible campaign?
As of August 2013, Americans are $11 trillion in debt.

-Average household credit card debt: $15,112
-Average household mortgage debt: $146,215
-Average household student loan debt: $31,240

Credit unions exist to help their members find financial success. The Money Possible campaign increases awareness of personal financial literacy and the role credit unions play in consumer’s financial health.

Follow along on twitter: #moneypossible. For more information, contact the Kansas Credit union Association, (800) 362-2076.

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