So while young people may have lowered their debt between 2007 and 2010 because of the difficult economic climate, they may still be on target to eventually exceed their parents and grandparents when it comes to their credit card balances.

Still, the seemingly aggressive approach to debt reduction revealed by the Pew study at least partially contradicts the Ohio State University assertion that many of today's young people are likely carry a credit card balance through to their death. But only time will tell if young people will continue to reduce their debt loads as shown in the Pew study -- or fulfill the predictions of the OSU researchers to become the most heavily indebted generation to date.