My Precious Snowflake Likes Being In Debt

Utter ridiculousness: Many young adults feel "empowered" by their debt.

FTA: "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."

Wow. Really guys? That's like having a badge of honor because you beat up the retarded kid. We are now glorifying debt to the point that kids are getting a self-esteem boost from it?

Debt is not your friend. Debt is slavery. There is NO good debt.

Does this mean I'm suggesting that we not use credit cards? Of course not. While I think all debt is evil, I'm not saying it isn't necessary. Not many of us have enough spare cash laying around to buy a $150,000 home. Not many of us even have the money necessary to make a down payment on said home. My current two-year unemployment stint aside, I worked really really hard to make sure that I kept my credit score golden. High schools threaten delinquents with bad remarks on their permanent record, but the reality is that your permanent record is your credit score. Now even your very livelihood could depend on a decent FICO.

More and more those on the edge are finding themselves insolvent because of the loop they get caught in. I get laid off, I can't pay my debts, I lose my good credit score, I can't find a job because of my low score, I can't pay my debts, my credit score goes lower, rinse, repeat until you die. These "kids" don't realize that yet. They look ahead and see time, 40+ years that they think they have available to save enough for the retirement they think they are entitled to. But then a recession occurs that robs you of the better half of a decade worth of work experience, right after you get out of college with no work experience because you decided to focus full-time on school. Then you have an injury and can't work for a year. Or maybe you get into a car accident and now don't have the money for transportation to get you to a job. Debt, like marriage, is something that people should think about very carefully before entering, because it's very difficult and often extremely messy to get out of. Unfortunately, in the days of Brittney Spears annulments and TARP bailouts, convincing kids that they need to be aware of consequences is nearly impossible.

In my perfect world, I would have enough money to take a few families and really change their lives. I'm not talking about a credit counselor you meet with once every two weeks and spend maybe an hour with. I'm talking really help someone with living their life, from therapists to help with family/mental/emotional issues, doctors to help with medical issues, accountants and financial planners, a complete team. I would like to take that group of people to a family and help them become a stable, loving, happy family.

Maybe when I'm rich or when I win the lottery. Or maybe I'll get really ornery and start a non-profit.