Fannie Mae

Can you live a healthy financial life without credit cards?

Young people are swearing off the plastic.

A recent analysis of Federal Reserve data by the New York Times says that millennials, Americans' youngest consumers, are less likely to carry credit card debt than at any time in the last 28 years.

There are many reasons for this shift. Thanks to regulatory crackdowns, cards are no longer being marketed aggressively to college students. Many millennials are already burdened by student loan debt, much more so than in previous generations. They may be leery of carrying debt due to having witnessed the financial crisis. And young people like to use new convenient ways to pay for everyday things, like online and mobile services such as...