Study: Debt Stress Grows With Age
It may be time to rethink the common belief that young adults are stressed out and staying awake nights worried about their finances.
A recent Ohio State University study has found that the more credit card and college loan debt held by those between the ages of 18 and 27, the higher their self esteem and the more they felt like they were in control of their lives.
According to Rachel Dwyer, lead author of the study /assistant professor of sociology at Ohio State University, the young people surveyed seem to view debt mostly in positive terms rather than as a potential burden.
The research also revealed that those in the lowest economic class felt the most empowered by both educational and credit card debt while those in the middle class felt more empowered from holding credit card debt.
Dwyer added that stress about the debt was starting to be felt by those in the study over age 28.