The researchers were looking at the results of the Credit Card Act of 2009, which made it illegal to issue credit cards to people under age 21 unless they had a cosigner or presented additional financial information.
Using credit information, the researchers found that it wasn't the young people who had a poor track record with credit cards.
According to the W.P. Carey school, people in their early 20s are more likely to be 30 or 60 days past due but are among the least likely to be 90 days or more past due.
Andra Ghent, assistant professor in the W. P. Carey School of Business, says:
"Young credit card users actually default less than middle-age borrowers. Also, those who choose to get credit cards early in life are more likely to learn from any minor defaults and move on, avoiding major credit card problems in the future. Plus, they're more likely to be able to get a mortgage and become a homeowner at a young age."