How Debt Empowers Today's Youth
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The economy isn't in great shape and the outlook may not look good for new grads, but young Americans with credit card debt aren't feeling too bad about themselves say researchers from Ohio State University. A study of 3079 young adults found that between the ages of 18 and 27, having credit card debt and student loans was linked with higher levels of self-esteem and a sense of control over one's life. This was especially true for individuals from low-income families. Not surprisingly, this effect lessened with age. After age 28, debt was associated with stress, as some individuals realized they had overestimated their future earnings and others found the very thing that had once enabled them to achieve goals -- like going to college -- kept them from reaching new goals -- like buying a house. ABSTRACT: Youth debt, mastery, and self-esteem: Class-stratified effects of indebtedness on self-concept SHARE:
Posted In: Consumer Psychology | Tags: Posted by FindCounseling.com Staff on June 15, 2011 at 07:04 AM | Permalink |
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