Wednesday 22 June 2011

Want better self-esteem? Saddle yourself with mountains of credit card debt, new study claims

There is, I suppose always room for amazement at just how insane the world is becoming - or am I just out of touch?

This article, from Britain’s  Daily Mail seems to be frowning at the old wisdom that I was brought up with, “neither a borrower nor a lender be” - the idea that one works and saves for what one needs in life.

Now, it seems that the system needs more (and more) debt because, as we know that is the way money is created.

Have a  look and then tell me if those of you with large student loans or credit card debt feel empowered by the experience.

Want better self-esteem? Saddle yourself with mountains of credit card debt, new study claims

Daily Mail, 6 June

Being crushed under a mountain of debt is typically frowned upon.

Not being able to pay for goods outright, and then being hit by extortionate interest rates which spiral out of control, is the stuff of financial nightmares.

But new research has suggested this could actually be a dream scenario for many young adults.

It claims those saddling themselves with credit card debt will feel empowered and have better self-esteem.

'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 Ohio State University assistant sociology professor Rachel Dwyer.

If you want to see the entire article you can see it here.

Max and Tracy, in their latest Keiser Report comment on this, as well as latest developments in Greece.


  1. Thanks for this excellent summary Robin, and for the videos. I found the Kaiser interview went straight to the point.

  2. And now there has been an item on Radio New Zealand pointing out how indebted local councils in New Zealand are. Debt ranging from about 2,500 dollars per person to about 11,000 in some parts of Auckland.


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