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Millennials Just Need Someone to Educate Them on Credit and Credit Scores, Cornerstone YP Advisor Tells Blogtalk Radio Listeners
Wednesday, May 14, 2014 6:40 AM

It’s not that millennials lack intelligence when it comes to understanding credit management and credit scores, JR Webster shared with Your Money, Your Matters listeners yesterday. “They simply lack the experience,” he said.

“I’m in the camp of millennials and borrowing for many of us has been stunted by the recession,” he told listeners. “We just haven’t had the opportunity to borrow so we haven’t learned the lesson of building credit.”

Webster is a financial educator with Tinker FCU and a Cornerstone Credit Union League Young Professional Advisor. He commented on yesterday’s blog talk show that high unemployment – or underemployment - among millennials is also hindering their ability to access credit.

“There are currently four generations in the workforce today, and millennials are not typically the first to be tapped for leadership roles because we’re the youngest,” he suggested.

And because millennials lack a significant amount of disposable income, they aren’t borrowing; therefore, aren’t able to show a strong credit history.  

Your Money, Your Matters is a weekly show of the Cornerstone Credit Union League, and broadcasts every Tuesday from 11 a.m. to noon Central Time. The program features radio personalities Linda Webb-Mañon and Rick Grady, Cornerstone; Courtney Moran, Cornerstone Credit Union Foundation, and Todd Mark, Consumer Credit Counseling Services.

Webster joined Webb-Mañon, Grady, Mark, and special guest Jill Pharr with Friends of Consumer Freedom in open dialogue about millennials’ knowledge and experience with credit. To listen to yesterday’s program, visit www.blogtalkradio.com/cornerstoneleague.