A new study published by the Federal Reserve Bank of Richmond and a Professor in the Finance Department at Arizona State University suggests that the “older is better” hypothesis is flat out incorrect.
The study finds that “an individual aged 40 to 44 is 12 percentage points more likely to experience a serious delinquency than an individual aged 19”, which suggests that restricting credit for someone under 21 isn’t as effective as perhaps restricting credit for someone who is between 40 and 44 years old.
Young or old? Who is better at getting rid of credit card debt? Leave us your comment below!