Many young people enter the real world today without receiving so much as a crash course in credit cards and money management.
In fact, many millennials don’t even know the basics of how credit cards work — including what their spending limits are and what interest rate they’re subject to, several studies show.
“They think they know enough to get by and they actually don’t,” said Sandra Bernardo, manager of consumer education for Experian, which polled millennials on credit cards and credit scores.
That lack of knowledge can lead young consumers to make costly mistakes at exactly the time when they should be establishing their credit to make it easier to access loans later on. Take a look at some of the most expensive blunders millennials make when it comes to credit — and what can be done instead
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