Millennials favoring cash instead of credit

IT WHEN YOU GET A CHANCE IT'S ALL FREE

>>> IT'S THE TIME OF YEAR WHEN MANY AMERICANS HAVE JUST ABOUT WORN OUT THEIR PLASTIC THAT'S NOT THE CASE FOR MILLENNIALS MANY ARE OPTING TO PAY WITH CASH INSTEAD OF A CREDIT CARD >> THAT MIGHT SOUND SMART BUT CONSUMER REPORTS SAYS IT'S NOT

WE SHOW YOU WHY GOING WITHOUT A CREDIT CARD CAN BE A BIG MISTAKE >> 19-YEAR-OLD MELLEN IS WORKING HIS WAY THROUGH COLLEGE AND IS VERY CAREFUL WITH HI MONEY HE DOESN'T WANT TO RISK GETTING A CREDIT CARD >> I HAVE SEEN FRIEND WRAP UP A LOT OF DEBT THEY CAN'T PAY OFF I DON'T WANT THAT TO BE ME

>> BUT NOT HAVING A CREDIT CARD CAN HURT YOU IN OTHER WAYS RESPONSIBLY USING A CREDIT CARD AND BUILDING A HIGH CREDIT SCORE IS CRITICAL >> YOUR CREDIT SCORE CAN BE USED FOR FINANCIAL TRANSACTIONS, GETTING A MORTGAGE, AUTO INSURANCE, A CAR LOAN YOU CAN'T HAVE THE BEST CREDIT SCORE UNLESS YOU USE A CREDIT CARD TO GET THE BEST CREDIT SCORE, PAY THEM ALL ON TIME AND IN FULL

>> TO AVOID PITFALLS, SET UP PAYMENT ALERTS ON YOUR SMARTPHONE DON'T KEEP YOUR CREDIT CARD INFORMATION ON FILE WITH RETAILERS RIGHT NOW HE USES CASH OR DEBIT CARD >> I'M GOING TO NEED TO START TO BUILD MY CREDIT >> WHEN HE DOES, HE SAYS YOU WILL USE IT RESPONSIBLY TO BUILD GOOD CREDIT

CONSUMER REPORTS SAYS THERE IS ANOTHER BENEFIT TO CREDIT CARD THEY HAVE IMPORTANT FRAUD