On the New York Times site, Ann Carrns cites an Ohio State study that will leave some readers scratching their heads. According to the study:
The more college loans and credit card debt that young adults age 18 to 27 have, the higher their self esteem — and the more control they feel they have over their lives. They tend to view debt positively, rather than as a burden.
The study suggests that the students view the debt favorably because they see it as an investment rather than a burden.
Not a burden? I wonder if these students realize that student-loan debt cannot be discharged in bankruptcy.
It’s likely that many students are so carefree about their debt levels because they do not fathom what it is like to pay the loans back. It’s something to “worry about later.”
Thankfully, some sanity is restored in that surveyed students in the next age group — 28 to 34 — are not as pleased with having their loans. They have another 30 years of payments to go.
Start the bailout machine.