Also in this playlist...
This transcript is automatically generated
Hi this is -- first on not Fox Business the generation all.
-- on debt what are we talking about well right now the credit now report from Experian.
Is gonna released new data on which generation handles the debt the best and release it right here in the Shelby children -- had to do it vice president of analytics.
At Experian issue it's smelly thanks for joining us Michelle thanks for doing an art show we appreciate it.
I don't thanks for having -- we're gonna go through this bad job which is like a symposium they're gonna put it up on the -- people can.
Watch and follow along and the first thing is.
It makes sense I guess which generation or how to the where does your generation use the most credit and the one -- and the most debt using those credit.
Is you know Generation X.
-- thirty to 46 there and did the baby boomers to but the -- the younger people.
He's a lot of debt right.
Yes so -- that Generation X.
is is using a lot of credit.
And we're seeing a big difference mostly between the greatest generation though and Generation Y.
yeah and that.
Yes and and they had -- lowered debt.
That they'd have a very big difference in what their vantage score and.
That's event hello basically your credit score right and that's gonna but there comes on the screen just -- mentioning it and that is kind of interest think so if you look at the older folks you greatest generation -- at 829.
Pretty good score and then as you say go to Generation -- the young people.
What's going on there much Saddam much lower score even -- -- in similar amounts of debt.
Excited sat 158 point difference for -- Generation Y.
you know and to raise finances that they're they're still building credit right and so they have lots of opportunity to get better credit for -- scored the go -- Right now they have a lot of auto loans and student loans.
But they'll be able to get retail cards -- as they build that credit and pay their credit well and not Max out their credit.
They have a lot of opportunity to make that score better so that they are ready when they want to get a mortgage.
It's kind of interest -- the generational differences and all this a lot some of that I guess is cultural in the way people look at debt and the way people.
-- kind of live their lives based on when they were born and where they're born and everything else.
A lot of people talk now about the baby boomers and if you look at this next screen on where -- -- generation use the most credit let's look at the baby boomers for second just focus on that group because.
As they get older -- to -- worried about this but what you find from the the baby boomers about -- -- -- it pretty good credit they're managing their debt.
Yeah I think that the baby boomers have that credit.
Situation kind of figured out so they use it as a tool and I think that's really important because they.
They know how to use credit but they're still paying it off well and they don't Max it out -- often in so that's the reason that they have a higher debt.
But they also have a really good credit score.
So what's the final conclusion we should drop -- from all this because big picture we all know.
That the country is in a lot of debt and that individuals use a lot of credit.
Borrow a lot to buy things so what.
Generational conclusions should we can she should be come up with we look at people -- in Generation X.
or Y and we.
We say what what about the future.
Yes I think across the board.
All of that the rules for creditor the same for all of -- generations and so.
Everybody should adhere to the same best practices which -- our.
To pay your bills off well it's not -- late on repaying -- -- not next capture credit.
Right and -- to stay informed and so that's that's a lot of why we do studies like this is so that consumers can.
Become more familiar with credit and so that hopefully they'll they'll understand it better and continue to get better scores I'm Michelle and -- thank you very much -- --
Filter by section