Millennials Are Taking on Credit Card Debt Because We Can’t Afford Necessities

For a long time, the conventional wisdom was that millennials hated credit cards. There was a lot of hand-wringing about this fact in the media, but the logic made sense: Burned by both the recession and the student debt bubble, young adults were skeptical of financial institutions and reluctant to take on risk.

But now even the basic narrative that millennials avoid taking on high-interest credit card debt is revealing itself to be untrue. According to new data from the New York Federal...

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