Young Adults Are Less Likely To Have Credit Cards

Many young adults aren't racking up a lot of credit card debt. That's because they don't have credit cards.

Only 23% of the 18-to-29-year-olds taking part in a Bankrate.com survey have a credit card and fewer than 10% have more than one card. Meanwhile, 63% don't have any credit cards. By comparison, just 35% of adults 30 and older are without a credit card.

13% of the respondents between the ages of 30 and 49 have two credit cards, along with 18% of the 50-to-64-year-olds and 21% of those 65 and older.  Younger credit card users are also more likely to carry a balance. Just 40% under the age of 30 pay their bill in full every month. That number climbs to 53% for those 30 and older.

[Metro Networks]