JACKSONVILLE, Fla. -- There's a big shift in how young people feel about credit . In fact, you've got to go back a long time in American history to find such a small percent of young Americans having credit.
And a lot of people are staying away from it, because they saw what it did to their parents. Let's face it, a lot of people through the great recession got crushed by the amount of debt they were carrying.
But, this is a case of too much of a good thing becomes a bad thing.
Having credit is key. Do you know it has something to do in most states with what you pay in auto insurance?
How about home insurance and how about this? A lot of employers now pull a credit report.
You have no credit, you have what's known as a thin or no file, meaning you don't show up, they don't consider you for a job you might be perfectly qualified for.
Someday you might want to own a home. Well, if you don't have any credit, you're going to have a hard time buying a home.
So here's what I recommend. Credit: Just a little bit, starting with a single credit card. Especially anybody in college, once you hit 21, apply for a credit card right away.
To learn more you can visit my website
Watch Clark Howard weekday mornings on Action News This Morning on FOX30 beginning at 7 a.m.