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 ...
I'm on board with that! LOL.
In my best Henny Youngman voice: Take my mortgage--please! :)
People are stupid.
I know people who have to pawn things every month and then pay more to get them out when they get paid and then pawn stuff a few weeks later.
Then they find out they can get an equity loan on the house and feel rich.
umgud
What the woman meant is that these young people feel empowered by the fact that they worked the system and that for the most part, these government loans are noncollectable. The banks are prohibited from using collection agencies to pursue the debtors.
The number of students and the amounts of the loans are astronomical. A friend of ours told us that the average graduate in her law school class, graduated with $150,000 in debts. These loans were the crux of the complaint against on-line degree programs because the amounts were so high and the degree that the students were pursuing would never allow the loans to be repaid. It was becoming a scam, students would apply for the government loans to pay for a whole year of classes, get the check and drop out after only paying for the first three classes and just pocket the rest of the money. In some cases people would file the applications for others, sometimes living in assisted care facilities, and collect all the checks, splitting the money with applicants.
perhaps they collectively realize that they are Too Big to Fail?
Student Loans are exempt from bankruptcy.
In other words, when they wake up from childhood and want to start families, to marry, to have children.
Such staggering burden of college debt will kill the next generation -- it will be barren. Barren except for bastards -- the poor children born to and raised by single moms. Such bastards never "feel" right.
Fathers are needed, real families are needed.
Sounds like Ohio State is trying to sell slots in the freshman class for next fall....
I have been hearing since 2008 that fewer grads are getting jobs, going back home, etc etc.
So, here it is, 2011, and it sounds like the colleges aren’t hurting for more people, yet.
This house of cards is going to weaken, but when?
Just going after the “for profit” schools isn’t going to change a whole lot for the college ponzi scheme. It will take a decrease in the flow of students for this scam to start finding a bottom.
That beater truck must look great in front of that home!
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