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Study: debt has positive impact on young adults’ self-esteem (2) Atlanta, GA

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Study: debt has positive impact on young adults’ self-esteem (2)

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Earlier this week, we wrote about a portion of the National Longitudinal Survey of Youth, which reported a significant surge in self-esteem and empowerment among young adults between the ages of 18 and 34. While this alone is not uncommon, the reason for this boost makes the study results interesting and fairly surprising: the survey questioned young adults about the effects of their credit card and education debt.

In sum, the survey found that young people who are facing significant credit card and student loan debt actually feel an increased sense of self-worth and empowerment, instead of stress and worthlessness. While this is certainly not a bad thing, the research indicates that young people may not be perceiving debt with an accurate sense of reality. This is most likely why respondents over the age of 28 were less positive and optimistic about their debt.

Interestingly, the feelings about debt varied significantly among economic classes. Young adults in the bottom 25 percent in total family income reported the most significant boost in self-esteem and feelings of mastery. These feelings only increased with amount of debt. This is likely because debt allowed young adults from low-income backgrounds to achieve things that they would not normally be able to achieve without taking on the debt.

In correlation, the middle class did not report a significant impact on self-esteem from holding educational debt, most likely because student loans are so common among peers. Credit card debt did lead to positive feelings, however, for members of this class. And the most affluent respondents reported no correlation between positive feelings and debt of either kind.

The different feelings among income classes could turn out to be somewhat of a catch-22 for many respondents, according to researcher Rachel Dwyer. “The groups that most need the debt – the middle and lower classes – get the most benefits to their self-concept,” she said, “but may also face the greatest difficulties in paying off what they owe.”

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

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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.

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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.

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