Posted on 06/07/2011 9:09:17 AM PDT by dynachrome
COLUMBUS, Ohio – Instead of feeling stressed by the money they owe, many young adults actually feel empowered by their credit card and education debts, according to a new nationwide study.
Researchers found that the more credit card and college loan debt held by young adults aged 18 to 27, the higher their self-esteem and the more they felt like they were in control of their lives. The effect was strongest among those in the lowest economic class.
Only the oldest of those studied – those aged 28 to 34 – began showing signs of stress about the money they owed.
Rachel Dwyer
“Debt can be a good thing for young people – it can help them achieve goals that they couldn’t otherwise, like a college education,” said Rachel Dwyer, lead author of the study and assistant professor of sociology at Ohio State University.
(Excerpt) Read more at researchnews.osu.edu ...
CongressCritters want to increase the debt ceiling so they can pile on MORE debt.
Empowered indeed.
When he was younger, my brother boldly asserted: “You can get anything you want with debt.”
He recently wrapped up the proceedings of his third personal bankruptcy.
That $160,000 Latin American Studies degree ain’t payin the bills!
I propose another concept to consider:
Maybe high self-esteem leads to high levels of debt. They don’t see how they can fail, so they aren’t worried about living beyond their means.
So they’re idiots.
“third personal bankruptcy”
Some friends of mine pulled the plug for the 3rd time, also, last year. I can’t live that way.
This is one of the most stupefyingly insane articles I’ve ever read.
Of course Rachel Dwyer is supportive of student debt which helps to pay her salary.
That liberal education costs bundles to keep the liberal professors sassy with greenbacks.
I wonder if real life will ever smack them in the face or will they continue to believe in rainbow skittle crapping unicorns?
Ohio State?
No interest since they have now lost their football team for the next five years.
Their parents should be shot!
I’m just glad I grew up poor. It seems to have led me to making smart choices later in life.
Do I want to drive the 20 year old beater pickup truck or forego the house payment and buy a shiny new truck?
Today I have the 25 year old beater pickup truck sitting in front of my paid off home.
Good deconstruction of this study by Karl Denninger (where I found the article), here:
‘The borrower is slave to the lender’. Always will be and no delusional feelings can change it. Stay out of debt or at least be responsible to repay back the debts owed. Student loans have an awfully high rate of defaults. Morons as professors teaching unsound financial principals—no wonder this nation is so screwed up.
The kids with the highest self esteem in high school are gang bangers. The lowest - the ‘smart’ kids.
Young socialists, living high on illusions. When reality comes, carrying a big stick, they’ll be wondering what hit them.
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