Generations Collide: Credit Card Management Habits

People make history. Political and economical situation, environment, customs and traditions of the epoque people live in form people's minds and attitudes. No wonder that people of different generations have different views and attitudes towards many things. And generation gap will always remain one of the most acute problems at all times.

People that grew up in different time periods have even different credit card management habits. The generations of the past century are the Greatest and Silent Generation (born in 1911 - 1945), Baby Boomers (born between 1946 and 1964), Generation X (born in 1965 - 1979), and Millennials (born in 1980 - 2000). Let's analyze credit card habits of the Generation X and Baby Boomers.

Most Baby Boomers have one or more credit cards. The main reason for them to use plastics is the conveniences plastic money gives. According to the survey, people of this generation prefer to pay with credit cards in supermarkets, stores, and malls, for they find using plastics at such retail places much easier than using cash.

However, the statistics figures do not prove Baby Boomers to be responsible and debt-free card holders. They do not always control their spending. About 45% of Baby Boomers' households risk to accrue a considerable credit card debt. But financial analysts claim that people of this generation have realized their missteps in credit card management. And there have been noticed some changes in Baby Boomers' credit card habits for the better over the past decade.

Now that this generation is on the threshold of retirement, they are becoming more cautious with their credit cards. They are grown-up and wise people with a long experience that is why they rarely fall for "Hot credit card offers with the most enticing terms! Only today! Apply now!" things. They usually opt for low rate card offers, no annual fee credit card, and cash back card deals, or some savings deals as well, as some them are about to retire, many are already retirees.

Now, let's turn to Generation X. While Millennials are young, have all their life ahead, and they have not hit their biggest jackpot in life yet, Generation X people are mature and achieved some success in their lives. This generation is always in the know of technological innovations, and they not just keep pace with new trends in different spheres of life, they actively use different devices that make their life easier.

So, Gen X'ers are who really cannot imagine their life without credit cards. They use all types of plastics - people engaged in business use business credit cards, travelling-lovers take advantage of hotel or airmiles rewards credit cards, those who drive a lot prefer gasoline card offers, and so on. None of the credit card types (except for student credit cards, generally) is skipped by this age group.

They use plastics to buy everything - from a carton of milk to a new house. Most of Generation X people have a steady job already and steady income. But their constantly growing needs are just inexhaustible. This makes a considerable part of Gen X'ers (about 47%) live from paycheck to paycheck without a chance to make some savings. But most people of this generation have put up with a thought that they will keep living on credit until their dying days. And they are ok with that.

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