Despite research that speaks to the contrary, credit union industry executives said they are certain millennials will borrow money like their parents and grandparents did, albeit with a different approach.
Results of surveys conducted over the past few years by groups including the Obama Administration, the National Association of Realtors and payments companies revealed how poorly millennials viewed borrowing for practically everything except education – an area in which many of them have over-borrowed.
That, along with their overall suspicion of the financial services industry and the Great Recession's impact on the generation, has painted millennials as lousy prospective borrowers – even those who are drawn to credit unions.
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