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.
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Only the oldest of those studied – those aged 28 to 34 – began showing signs of stress about the money they owed.
“Debt can be a good thing for young people – it can help them achieve goals that they couldn’t otherwise, like a college education,” said Rachel Dwyer, lead author of the study and assistant professor of sociology at Ohio State University.
But the results offer some worrying signs about how many young people view debt, she added.
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