Canadians carry the highest debt load of the G7 nations, which can paint a bleak future for those just graduating from college and entering the workforce. But a recent study has found the millennial generation could also teach us a thing or two about saving and living within our means.

That doesn’t mean millennials don’t get caught up in debt but they may be a bit smarter about how they handle it and credit cards.

When Jocelyn Aspa got her first credit card, her charges soon added up. At that time banks automatically increased credit limits and it wasn’t long before Jocelyn had racked up $10.000 in debt.

"The minimum payment was over $800 and I realized I can't make an $800 payment on my credit card," she said, “"I wanted to own up to it and to just get it taken care of."

But she wasn’t afraid to ask for help. She turned to the Consolidated Credit Counseling Services of Canada for help in cutting her monthly payment in half.

Jeffrey Schwartz of Consolidated Credit Counseling says that if you find your credit card debt getting out of control the first step is to ask your credit card company to lower your interest rate.

"Credit card companies will reduce your rate if you've been a good customer and if it's just a temporary thing where you've gone off track," Schwartz told CTV News.

The second thing you should do is to track your spending. Millennials are more prone to you use apps to track their spending on the go.

It took six years, but Aspa was finally able to pay off her debt. Since the recession, Canadian banks can no longer automatically increase your spending limit, like in Aspa’s case. They now need your permission.

Fortunately, more millennials are now recognizing the pitfalls of too much credit and debt before it’s too late.

According to a recent study by Bankrate.com:

  •  67 per cent of millennials don't have credit cards 
  • 62 per cent are putting away more than five per cent of their income, a higher percentage than any older age group.
  • 33 per cent fear running out of money in retirement, compared to just 16 per cent of those surveyed who are over 65 years old.

"It's more of an attitude that they don't need to have everything," said Schwartz.

Millennials are more likely to use services like car shares to avoid the expense of owning a car and research by Bankrate.com shows millennials have a great inclination to save for emergencies. They also feel more confident in keeping savings in cash rather than the market, a sign the great recession has left them scarred.

Aspa now works hard, pays attention to her bills and tracks spending and has learned a great deal.

"If you get a credit card, get a limit that you can manage. If you do find yourself in trouble don't wait until it's too late,” she said.