04:58:00 AM Thursday, March 27, 2008

Old School People and the Way They Treat Credit Cards

Advanced age has its merits and drawbacks. On the one hand, as a person grows older, he or she loses that youthful ardor, inexhaustible energy, and implicit faith in a better future. Age gives wrinkles and weakens body. But on the other hand, age bestows wisdom and experience that young people cannot have.

As you get older, you change your attitude towards different things, towards life in general. And that is why different generations always face generation gap. This is inevitable. And, of course, generations' attitudes to technical and scientific innovations also differ. Even when it comes to credit cards, elderly people and young people do not share the same opinion.

The last four generations are The Greatest and Silent Generation (people born in 1911 - 1945), Baby Boomers (people born in 1946 - 1964), Generation X (born in 1965 - 1979), and Millennials (born in 1980 - 2000).

The representatives of The Greatest and Silent Generation are people of the old school. So, they are exceptionally disciplined in everything. The same order and discipline they show when it comes to credit card management. People of this generation had a chance to trace the credit card market at all stages of its development. However, they are not so well-informed about credit cards.

This may be caused by the fact that advanced-aged people sometimes do not accept modern technologies, like the internet, for instance. About 80% of people of those times prefer to consult family members or financial experts before filling out a credit card application. But still they understand how to use credit cards and sometimes do it much more successfully than many young people.

They have gone though some really hard times - The Great Depression, The World War II, some of them were in Vietnam. This is where their frugality comes from. Very few of them overspend or max out their plastics. People of this generation almost do not accrue credit card debts. They are very accurate about paying their credit card bills.

Responsibility is the middle name of The Greatest and Silent Generation people. This trait of character seems to run in their blood. Of course, there are exceptions, like from every rule.

People of The Greatest and Silent Generation do not hunt after the best credit cards, or after the most favorable rewards programs. They do not have that rewards points itch. They mostly use their credit cards to pay medical bills, for medicines, and other kinds of medical treatment.

So, no annual fee cards or low rate offers are the best choice for people of advanced age. Taking into consideration the fact that they do not use credit cards often, credit card offers that come without extra charges for card maintenance or those with low APR are the deals that these people can make the most of.

In general, despite the common belief that elderly people are not very good at everything associated with hi-tech, progress, and modern conveniences and devices, we have something to learn from them. They can teach younger generations how to be responsible about finances, and reasonable in spending.