I encourage you to read the New York Times piece about a recently published book titled, Paying for the Party by Elizabeth Armstrong and Laura Hamilton.
The study is a great example of how the misuse of debt can be extremely detrimental. It’s even more concerning because this is yet another cycle in play that drags young adults down and hinders their ability to thrive.
For students that are not from fiscally well-off families, keeping up with the college Jones’ can be a disaster. College is expensive enough, but when you add the frat/sorority fees, spring break and other trips, bar tabs and other forms of entertainment that go along with running with the ‘in crowd’, the results can be financially disastrous.
Using debt without a clear and sound directive can be a poison to any person or business. When it happens to a young adult straight out of high school, it’s a sure fire way to create disillusionment and stunt ones full potential to thrive in the ‘real world’.