RSS

Tag Archives: young adult credit card debt

What, Me Worry about Debt! – I’ve got self-esteem protecting me – Part 3/3

What looming disaster has the self-esteem movement created?

Rachel Dwyer of Ohio State University says, “By age 28, those students may be realizing that they overestimated how much money they were going to earn in their jobs. When they took out the loans, they may have thought they would pay off their debts easily, and it is turning out that it is not as easy as they had hoped.”

According to The Smart Student Guide to Financial Aid, these debts range from $10,000 to more than $100,000.  In fact, a total of more than $1.7 trillion in federal education loans have been made since beginning of the loan programs.


Link to the entire program of Your Life, Your Money

In addition, the estimated total private student loans outstanding as of June 30, 2009 were approximately 157.8 billion.  The overall total education loans outstanding, federal and private, was about $763.4 billion in 2009.

When I wrote this post, the Student Loan Debt Clock said that number now stood at more than $900 billion dollars.

If we go back to the beginning of this series of posts, you will recall that many of these young adults also carry credit cards beyond the student loans and undergraduates are carrying record-high credit card balances. Source: Credit Cards.com

The average (mean) balance grew to $3,173, the highest in the years the study has been conducted. Twenty-one percent of undergraduates had balances of between $3,000 and $7,000, also up from the last study.

In addition, close to one-fifth of seniors carried balances greater than $7,000, while the average college graduate has nearly $20,000 in credit card debt. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)

The results of this study has revealed that the movement to boost vanity among our children for the last five decades has created a debt crises that many young adults may struggle for decades to pay off while sacrificing a better lifestyle than their parents may have experienced.

Even more disturbing is a piece by Lori Gottlieb in the Atlantic, How to Land Your Kid in Therapy, which deals with why the obsession with our children’s (self-esteem) happiness may be dooming them with unhappy adulthoods. I will write summary of this long article in another post (Gottlieb’s Atlantic piece ran 12 pages printed).

Return to What, Me Worry about Debt! – Part 2 or return to Part 1

______________

Lloyd Lofthouse is the award-winning author of the concubine saga, My Splendid Concubine & Our Hart. When you love a Chinese woman, you marry her family and culture too.

To subscribe to “Crazy Normal”, look for the “Subscribe” button at the top of the screen in the menu bar, click on it then follow directions.

Advertisements
 
 

Tags: , , , , , , , , , , ,

What, Me Worry about Debt – I’ve got self-esteem protecting me – Part 2/3

Parents that obsess about his or her child’s self-esteem and do all they could to nurture their child’s vanity led to the average parent in America being a permissive parent.

“Permissive parenting often results in children who rank low in happiness and self-regulation. These children are more likely to experience problems with authority and tend to perform poorly in school.” Source: The Four Styles of Parenting

In fact, if the inability to self-regulate is not adequately developed, the result is increased stress vulnerability and susceptibility to psychopathology, of which depression is one possible outcome leading to unhappiness along with a higher risk of drug and/or alcohol abuse along with higher rates of suicide.

For example—Caucasian teens with the highest rates of self-esteem have almost twice the suicide rate and much higher rates of alcohol and drug use than that of Asian-Americans who, according to studies, have the lowest self-esteem in the US.

Instead of boosting self-esteem, parents should have focused on building confidence through guiding their children to overcome failure by learning to work hard to reach success.

When we learn the definition of self-esteem, we discover that it is respect for or a favorable opinion of oneself and/or an unduly high opinion of oneself that leads to vanity, which means excessive pride in one’s appearance or accomplishments regardless of the facts.

In addition, synonyms for self-esteem are: conceit, self-love, narcacism, egotism, etc.

Self-confidence, on the other hand, is a belief in one’s own abilities and true self-confidence isn’t an overnight acquisition. It takes dedication and time to realize you are a good and capable human being.  It is confidence in one’s own powers, judgment, etc.  It means risking failure to learn how to succeed.

Eventually, an individual with confidence gains freedom from doubt of his or her abilities.

Continued on June 21, 2011 in What, Me Worry about Debt! – Part 3 or return to Part 1

______________

Lloyd Lofthouse is the award-winning author of the concubine saga, My Splendid Concubine & Our Hart. When you love a Chinese woman, you marry her family and culture too.

To subscribe to “Crazy Normal”, look for the “Subscribe” button at the top of the screen in the menu bar, click on it then follow directions.

 
Leave a comment

Posted by on June 20, 2011 in family values, Parenting

 

Tags: , , , , , , , , , ,

What, Me Worry about Debt – I’ve got self-esteem protecting me – Part 1/3

Another byproduct of the Self-esteem follow Your Dream Parenting Movement that started in the 1960s is what Rachel Dwyer, Ohio State University, writes of in What, me worry? Young adults get self-esteem boost from debt.

Dwyer writes of a study involving 3,079 young adults (for 32 years) who participated in the National Longitudinal Survey of Youth 1979 – Young Adults sample (NLSY).

The NLSY interviewed the same nationally representative group of Americans every two years, and the survey was conducted by the Ohio State’s Center for Human Resource Research on behalf of the U.S. Bureau of Labor Statistics.

What researchers discovered was 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. The survey reveals that many young people do not understand the mess they are getting themselves into until after age 28.

The results from this survey offers more evidence that self-esteem should not have generated an industry to feed its growth.

When I searched YouTube, I discovered more than a thousand videos on “How to Boost Self-esteem”.

On Amazon, there were 158 results and for Google there were 6,310,000 results.  The first Google hit was a five-step plan from the Mayo Clinic.

In fact, since the “average” America parent has been obsessed with the self-esteem of their children since the 1960s, this resulted in the public schools inflating grades contributing to dumbing down the curriculum.

Continued on June 20 in What, Me Worry about Debt! – Part 2

______________

Lloyd Lofthouse is the award-winning author of the concubine saga, My Splendid Concubine & Our Hart. When you love a Chinese woman, you marry her family and culture too.

To subscribe to “Crazy Normal”, look for the “Subscribe” button at the top of the screen in the menu bar, click on it then follow directions.

 
1 Comment

Posted by on June 19, 2011 in family values, Parenting

 

Tags: , , , , , , , , , , , ,