Do Twenty-Something Californians Actively Search Out Credit Card Debt?
Do Twenty-Something Californians Actively Search Out Credit Card Debt?
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Home Page > Finance > Personal Finance > Do Twenty-Something Californians Actively Search Out Credit Card Debt?
Do Twenty-Something Californians Actively Search Out Credit Card Debt?
Posted: Jun 20, 2011 |Comments: 0
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In an attempt to better understand the reasons why so many educational loan accounts have gone unpaid in recent years, Robert Manseur, a professor of Psychology at the University of Pepperdine, sat down with some volunteer undergraduates to ask them questions about their views on debt relief. The professional researchers conducting the study astutely predicted that the academically motivated young men and women (currently attending one of the most prestigious colleges and universities in Southern California) would view student loans with a certain remove and, even, fondness in a way, as the debts become conflated with the process of moving forward to fulfill career aspirations.
For folks whose friends and family universally agreed with the presumption that an advanced degree obtained from a school of renown would inevitably require funds to be owed by all but the richest of estates, it’s easy to confuse the mere existence of student loan burdens with genuine achievement. In the same sense, when a teenager’s entire worldview has been shaped by the insistence on an exclusive school as a necessary aspect of any subsequent success, it should come as no surprise that the educational obligations seemingly part and parcel of even a Bachelor’s degree are admired.
The artificially elevated self esteem drawn directly from debts unpaid is hardly noble, of course, and there’s a growing realization on the part of counselors and commentators about just how fraught with risk the entire process of borrowing for higher education can be for majors outside the most employable fields such as computer sciences or business administration. Newspapers and television stations around the Golden State have covered this issue in depth over the past month to coincide with the last days of high school – a time when the information would come far too late for graduating seniors who’ve already been directed by parental and scholastic authorities to arrange financing for college at all costs – but, from the answers given by the Pepperdine students, the average collegiate mindset remains dimly aware of the debt relief issues involved but far more convinced that such worries would never apply to their own futures.
All of this was, to some extent, previously intuited by the inter-disciplinary team (although controlled by an adjunct professor within the Pepperdine Psychology department, most of the grad students were en route to Economics degrees) whose investigation of the phenomenon was less intended as evidence for public policy shifts and more inspired by curiosity about why such beliefs continued to be held – and held so fiercely and uncomplicatedly – by kids who really should know better. However, one forgotten element of the invasive opinion polls proved time and again to be a wake up call for theoreticians who learned just how little they truly knew about this brazenly consumerist generation.
When originally designing the inquiry protocols, Manseur and his research assistants thought that the questions thrown together about credit card debt would serve as a de facto control group with which he could then more accurately gauge the respondents’ true feelings about their educational loans. However, much to the professor’s surprise, while the students’ blithely permissive attitudes toward funding college degrees were as short sighted and lacking in perspective as he’d feared, the views on credit card debt balances were hardly a noticeable counter weight.
Indeed, when asked their feelings about rising credit card debt totals (both their own and those of potential mates, employers, employees, and friends), the reactions expressed by the students baffled even the most cynical of expectations. Although all of the young men and women surveyed well understood the dangers posed by lurking Visa and Mastercard balances, they at the same time displayed a remarkably low level of anxiety surrounding the prospect of unsecured lines of credit attached to the finances of their own household or the estate of presumed contemporaries. Once again, though the notion of amassed credit card debt bothered as an abstract concept, they didn’t internalize any personal threat from the specter of outstanding revolving balances and, more to the point, indicated that they would be more likely to trust somebody within their own social milieu that carried a significant amount of credit card debt as opposed to someone with no outstanding burdens.
“Before I started answering the questions, I really thought I had my spending pretty much under control,” admitted Amelia Parsons, a junior majoring in Fine Arts at Pepperdine who participated in the study only to be shocked by the revelations related to her shopping habits. “I mean, I know that I my credit card debt accounts had started to go up every year, but I just figured that was what happened, you know? After taking part in the survey, I really started to look at where I was spending my money and think about why I didn’t take the debts most seriously. Since then, I’ve started talking to my dad about going through debt settlement, getting rid of all the bills so I could start from scratch. I’m not sure what the school really learned from the whole project,” she laughs, “but it’s definitely helped me.”
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About the Author:
My name is Cole I am a professional in the financial fields of bankruptcy and debt settlement.
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