A new study revealed that 63 percent of millennials do not own credit cards.

The study, conducted by Bankrate.com, surveyed 1,161 respondents. Jeanine Skowronski, Bankrate credit card analyst and reporter, wrote that most millennials stay away from credit cards because of the tanking economy and mounting student loan debt. In addition, the Credit Card Accountability, Responsibility and Disclosure Act of 2009 made it more difficult for young people to get credit cards.

“I think the reason is because a lot of people are scared of credit, especially after the financial crisis we just had,” San Diego State University’s California Coast Credit Union Branch Supervisor Vito Zerilli said. “The second thing is they don’t think they need credit and they want to just save money, but they don’t understand that by saving money, they’re really losing money, because inflation keeps rising and rising.”

Having credit even as a student is essential, Zerilli said.

“When you get out of school and you want to get an apartment, you’re not going to have credit. Or if your job checks to see if you have credit, you’re not going to have credit either,” Zerilli said. “A lot students think because of student loans they shouldn’t be applying for a credit card, but that’s one of the most common mistakes. I think all students should have at least one credit card, because that will really engage them in the credit world and understand it.”

At SDSU, some students believe in the responsible use of credit cards.

“Personally I see nothing wrong with anyone owning a credit card,” sophomore business administration major Stephen Weinberg said. “I think that it matters whether the person is fiscally responsible.”

“It can be a good thing to help you build credit, or it can be totally evil,” music education senior Valerie Garcia said. “You have to be educated, because people charge it frivolously and get overwhelmed.”

Liberal Studies senior Laura Padilla got her first credit card this year. “Personally, I didn’t want it because I don’t have a job, but my mom said she’ll help me out,” she said. “It’s just for emergencies, not for buying personal things.”