By Bram Berkowitz
The explosion of fintech has credit cards declining and personal loans trending.
That’s according to a recent study published by the credit information company TransUnion that looked at credit origination trends between Millennials and Generation X.
The study analyzed the borrowing trends of both generations when they were between the ages of 21 and 34 – Gen X credit trends were examined in 2001 and Millennials in 2015.
The findings from the study show that Millennials on average carry two fewer bank cards and private label cards than Gen X, but take out higher interest rate, no-collateral personal loans at nearly double the rate of the preceding generation.
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