It clearly seems to be the case that a high number of so-called millennials in California and across the country could benefit from a bit of education regarding their credit cards.
In fact, the first order of business in something approximating a Card 101 course might be a very elemental focus on simply understanding how to -- and how not to -- use such a card.
Because credit cards come with a distinct double edge. They give and yet they take away. They can reward routinely careful and discerning consumers, while simultaneously burning the unwary.
And, apparently, the millennial generation -- let's just say the demographic ranging from about the late teens to the mid-30s -- is not wanting for the unwary.
In fact, notes a recent Washington Post article on select young people and their limited understanding of money management, "many millennials don't even know the basics of how credit cards work."
Verily, that's not good.
If you don't know your credit card limit (credit information provider Experian states that about 33% of surveyed millennials don't know that important information), you can easily max out a card and get dinged materially on your credit score.
And that, in turn, can jack up interest rates that lenders charge on big-ticket items, like a home or car.
Even more telling is Experian's pronouncement that more than half of all millennials it surveyed don't even have a clue what the interest rate is on the cards they carry.
Such ignorance is a recipe for financial disaster, given that a topped-out card with a high pay-back rate can drive a young consumer to financial ruin.
Millennials with questions or concerns regarding their credit cards might want to avail themselves of the free credit reports they are entitled to each year.
Additionally, they might reasonably want to contact a proven debt-relief attorney for some candid guidance, especially if they feel that they are losing financial ground and looking at insuperable money challenges.
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