Rachel Is Single And Has A College Degree In Finance Youth Use Credit Cards As a Self Esteem Booster

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Youth Use Credit Cards As a Self Esteem Booster

According to a recent study by Rachel Dwyer, assistant professor of young adults at Ohio State, 18- to 27-year-olds were using credit card debt as a way to boost their self-esteem and feel better about themselves. The study showed that this behavior was strongest among the lower economic classes.

“Surprisingly,” said lead researcher Rachel Dwyer, “we found that both types of loans had a positive effect on youth. Regardless of the type of loan, it increased their self-esteem and sense of mastery.”

The study makes a bit of sense because of the fact that it’s not too far-fetched for a young person to consider themselves more “adult” if they apply for and are approved for a credit card, some type of vehicle financing or a student loan. .

This is not considered a bad thing in some scenarios; Student loans can help a person achieve higher education goals or afford practical transportation. Young people don’t see their debt as a burden or attach any stress related to their debt or credit cards, but this perspective can prove dangerous because, as we all know, debt can act as a double-edged sword and hurt a young person’s chance at financial independence.

Debt seemed to be a source of anxiety and stress for those in the slightly older and 27-34 year old range, and the study reported that the older generation thought it was downright crazy to feel “good” about debt.

The study involved 3,079 young adults who participated in the 1979 National Longitudinal Survey of Youth, where the NLSY interviews the same nationally representative group of Americans every two years.

An interesting fact that this study found was that the highest self-esteem boost from credit card use was among youth who were in the 25% lowest family income bracket. This makes a lot of sense because apparently those people didn’t have the satisfaction of delaying their purchases for things they couldn’t normally afford. Young adults in the wealthiest income brackets had no respect for credit card debt.

“The wealthiest young people have the most resources and options available, so debt is not a problem for them,” Dwyer said.

“The groups that need the most credit—the middle and lower classes—have the most advantages in their self-concept, but they may face the greatest difficulties in repaying the debt.”

Overall loans can be a useful resource for those who don’t have the financial support to pay for a college education, buy some of life’s essentials, or get themselves out of a pinch, but young people need to be properly educated on how to do it. Avoid things like excessive debt and bankruptcy.

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