Skip to main content
(404) 685-8800 Contact Us
Study: debt has positive impact on young adults’ self-esteem (1) Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

Study: debt has positive impact on young adults’ self-esteem (1)

young couple in the sitting room

In a surprising new study, researchers found that young adults who are facing significant education and credit card debt actually experience a sense of empowerment from their debt, instead of feelings of stress and worry. Interestingly, these positive feelings were stronger among young adults from low-income backgrounds. Researchers speculate that the self-esteem boost comes from a sense of accomplishment and control over their lives and finances.

The study, which was part of the National Longitudinal Survey of Youth, questioned almost 4,000 young people between the ages of 18 and 34. The results were surprising: among survey respondents in the 18 to 27-year-old age range, a higher amount of student loan and credit card debt correlated with higher self-esteem and feelings of control.

The study focused on two types of debt: student loans and other education debts, and credit card debt. Researchers expected to see a jump in positive feelings from student loans, with young people largely seeing those debts as an investment in their future, and associating them with their educational accomplishments.

However, researchers were surprised that credit card debt was also associated with increased self-esteem and a sense of mastery. One possible explanation for this is that young people use credit cards to fund educational expenses, such as textbooks and fees related to their college experience. But the researchers also hypothesized that credit cards gave young people a sense of freedom, allowing them to purchase items they would not otherwise have been able to afford.

Along this line, the study also found that older survey respondents had significantly fewer positive emotions associated with their debt. This is somewhat unsurprising to anyone who has dealt with either of these types of debt in the long term. Respondents over the age of 28 reported feelings of stress related to their debt, researchers reported, because they may be realizing that they have overestimated how much money they were going to earn in their jobs and how quickly they would pay off their debts.

We will continue this post later this week with a look at the different economic classes and how they perceive debt.

Source: Ohio State University, “What, me worry? Young adults get self-esteem boost from debt,” 6 June 2011

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

First Free
Appointment




Disclaimer Privacy Policy

I have read the Disclaimer and Privacy Policy

Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

Write a review