In case you’ve forgotten to be afraid of Gen Y lately, a new study out of Ohio State says: For young adults, debt builds self-esteem.
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.
It’s like one of those mutant Spider-man villains that feeds on malaise, except in Care Bear form, stomping around and bellowing “STAFFORD LOANS FEEL GOOD.” The debt–it–it’s making it stronger!
National student debt, incidentally, eclipsed national credit card debt this year, and now totals more than $1 trillion.
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