A credit card is the “quickest way for young adults to build good credit”—and it’s also the “quickest way to destroy a young adult’s credit.”
So says Sharon Lechter, a CPA and co-author of Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money–That the Poor and Middle Class Do Not.
Lechter was quoted in an Arizona Republic story about how student loans, credit card debt, and a “lack of financial savvy” are crippling consumers in their 20s and 30s.