According to consumer credit reporting agency TransUnion, as of 2023, half of all Gen Z consumers planned to apply for a new line of credit or refinance existing credit. In fact, nearly three in four Americans get a credit card by age 25 and carry an average balance of $5,221. The Federal Reserve says that 67% of U.S. adults ages 18-29 have at least one credit card, and the Consumer Financial Protection Bureau finds that the largest increase in card usage has come from those under 25 years old.
With personal credit regularly at risk of being mishandled or stolen outright, young credit card users are advised to better understand the safety and security concerns that come with choosing, applying, and using lines of credit.
To help guide first-time credit card shoppers, McIntire’s Robert B. Hardaway, Jr. Lecturer of Personal Finance Dot Kelly provides insightful knowledge on the subject for a recent post on personal finance website WalletHub’s “Ask the Experts” segment.
Kelly discusses the most important factors that new credit card users should know and provides advice about securing their personal financial information as well as judging how reputable the information culled from Google’s search engine can be (or not). In addition to advising people to freeze their credit with each credit rating agency and checking their credit history annually, she recommends using caution when considering sharing their credit card numbers with others—both in real life and especially online.
“Imposter sites can be very convincing,” she explains. “Skimming machines near gas pumps can steal your information. Be vigilant, and use reputable vendors. Check your account regularly and your statements monthly to ensure that all the charges are legitimate. Report any discrepancies immediately.”
Read all of Kelly’s advice for new credit card users at WalletHub.
