Collection agencies can learn some important lessons about the value of sending regular reminders to individuals about upcoming due dates and instructions about how to make payments, according to the results of a survey of millennials.
Nearly 50% of millennials became delinquent on their credit cards because they weren’t paying close enough attention to their bills, according to the results of a survey released by OppLoans, an originator of personal loans.
The survey was intended to show that a lot of millennials feel that their credit scores are holding them back, such as from getting a car or a place of their own, but there are some interesting tidbits related to debt collection as well.
Of the millennials who were surveyed, 36% said they missed credit card payments because they simply forgot about it. Another 10% said they did not know how to make a payment on their bill.
Overall, 15% of those surveyed said they regularly miss credit card payments and 43% said the amount of their credit card debt is “unmanageable.”
More than one in seven of those who were surveyed said they were forced to live with a roommate because their credit score precluded them from getting an apartment or house of their own. Among the survey’s other findings:
- 27% of millennials said a bad credit score had hurt their chances of buying a car.
- 26% said poor credit had hurt their chances of getting a loan.
- 23% said poor credit had hurt their chances of getting a credit card.
- 25% said poor credit had hurt their chances of getting an apartment or a house.