I thought I knew a thing or two about making financial mistakes. After all, I’m the guy who once received a $60,000 inheritance and turned it into $20,000 of credit card debt. And it only took me two years!

I messed up with money the old fashioned way. I didn’t pay attention to my income and expenses and blindly went about living beyond my means.

But I just discovered a new way to foul up your finances: Feel good about your debt.

Debt as a Confidence Booster?

According to the headline on a recent Mainstreet.com article, Young Adults Feel Empowered By Debt.

Huh? I had to read the headline twice to make sure I had read it correctly.

Sure enough, the article was about a new study showing that the more debt 18- to 27-year-olds carried, the more self-esteem they had and the more they felt in control of their lives.

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