Written by Madison Smith | BestCompany.com | Last Updated March 30th, 2020
A recent survey asked millennials how they felt about paying off all their credit card debt this year. The responses indicated a real lack of optimism:
- 25% felt not at all confident
- 28% felt slightly confident
- 20% felt moderately confident
- 28% felt very confident
Nearly three-fourths of the millennials surveyed did not feel fully confident in their abilities and skills to pay off credit card debt. Are you part of this group too?
Don’t let your stress or lack of understanding push you away from developing great personal finance skills; instead, embrace your misconceptions and learn where to go from here.
Below is a list of myths that many millennials believe when it comes to handling credit card debt. If any, or all, of these myths have come across your mind, don’t stress — a panel of over 20 financial experts have shared their wisdom to help guide people just like you, a millennial struggling with debt.
Go on, start clicking through the list of myths; I guarantee you’ll walk away feeling a bit more financially confident.
- Myth 1: You shouldn’t save money if you are trying to pay off debt
- Myth 2: The “Keeping Up with the Joneses” mindset won’t hurt you
- Myth 3: “Don’t sweat the small stuff” — Convenience spending isn’t a big deal
- Myth 4: Millennials should know better than to go into debt
- Myth 5: All credit cards are created equal
- Myth 6: Millennials are lazy and irresponsible
- Myth 7: There is only one way to pay off credit card debt
- Myth 8: Your credit card company is out to get you
- Myth 9: Spend now, go into debt later