Tags: Millennial | Rejection | Credit Cards | Economy

Millennial Rejection of Credit Cards Is Proof of Economic Problems Ahead

Millennial Rejection of Credit Cards Is Proof of Economic Problems Ahead

By    |   Wednesday, 21 October 2015 02:40 PM

If a recent story at Yahoo Finance is true, the millennial generation is likely to face decades of economic stagnation. Analysts believe millennials don’t like the new chip-based credit cards because the “process can take as long as 4, 5 seconds so it’s really slowing the transaction down.”
 
Economic transactions, unfortunately for the younger generation set to change the world, often take more than 4 or 5 seconds. Closing a mortgage, for example, can take months and requires multiple responses to requests for information. An inability to wait patiently for 5 seconds could explain the low rate of home ownership among millennials.
 
Ultimately, as almost anyone with assets to their name understands, success takes time. Even an overnight success story usually involves years of preparation in order to be ready for that night when success unfolded.
 
We also learned in that story that another problem for the millennial generation is a reluctance to use credit, favoring debit cards for transactions. Credit, of course, is a necessity for business. Few businesses are able to pay all bills with a debit card since cash flow rarely lines up perfectly.
 
Hopefully the inability to wait in line while a payment is processed is a temporary problem.

Millennials may claim technology should catch up to their wishes but in reality, the economy can only grow if millennials learn the world is not set up solely for their convenience. Work and patience have historically been required for success and most likely always will be.

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MichaelCarr
If a recent story at Yahoo! Finance is true, the millennial generation is likely to face decades of economic stagnation. Analysts believe millennials don’t like the new chip-based credit cards because the “process can take as long as 4, 5 seconds so it’s really slowing the transaction down.”
Millennial, Rejection, Credit Cards, Economy
249
2015-40-21
Wednesday, 21 October 2015 02:40 PM
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