A new report from Bankrate says 1 in 3 millennials are getting rejected on their credit card applications and other financial products.
Ted Rossman, a Credit Card Analyst from Bankrate, says: “About a third of millennials have been denied a financial product this year because of their credit score. And that’s significantly higher than other age groups.”
He says lenders have tightened up requirements during the pandemic. They’re concerned that borrowers might not be able to pay back their debt.
Another reason is young adults still have trouble establishing credit, saddled with student loans.
According to a new survey from creditcards.com, nearly half of all millennials, people with children under 18, and those who are already in debt are willing to go into MORE debt during the holiday season.
But Rossman says not to do it since there are great alternatives to an expensive gift—such as the gift of time.
But the survey did show some good news. One in every three adults plans to spend less this year on the holidays than they did in 2019. Only 9 percent expect to spend more this year than last.
