Millennials Are Very Financially Trustworthy

The St. Louis Fed recently republished a note from last November about credit card delinquency. First, they note that millennials have the highest rate of delinquency. But then they make the obvious point that this is because millennials are younger than other generations, and young people always have higher delinquency rates than middle-aged folks. So what happens when you look at different generations when they were the same age?

This is interesting. First, it shows that millennials actually have the least credit card delinquency among recent generations. The authors even suggest that “their relative financial trustworthiness will persist throughout the remainder of their lives.”

But what about that uptick at the end? Starting around age 33, the credit card delinquency of millennials suddenly flattens and then starts to rise. That’s never happened with any other generation, or with younger millennials. What’s up with that? It’s quite prominent and doesn’t look like an artifact, but I can’t even think of a snarky guess about what might be causing this, let alone a serious guess.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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