Generation Debt: Take Control of Your Money--A How-to Guide (Paperback)

by Carmen Wong Ulrich (Author) "In order to master your enemy, it's best to get familiar with its MO..." (more)
Key Phrases: Social Security, Nellie Mae, United States (more...)

Editorial Reviews

From Publishers Weekly
When the average college student graduates with $18,560 of debt, almost all of it in tuition loans, and is lucky to find a job that will pay even $28,000 a year, how is he or she supposed to make ends meet? Ulrich, a former projects editor for Money, offers a step-by-step guide on how to budget your monthly expenses, make judicious use of credit cards while avoiding the pitfalls of high interest rates, and find the best way to pay off those student loans. Later sections cover situations like choosing whether to rent or buy a home, getting a car and saving for retirement, and each chapter has links to Web sites with additional resources. Ulrich's advice is simple and to the point, but her efforts to reach a young audience with sarcasm and hip lingo occasionally risk the appearance of talking down to her readers. There's also a slight but uncomfortable strain of resentment aimed toward peers from wealthier families who don't have to grapple with these issues. Ulrich does argue for some big nationwide initiatives, like a higher minimum wage and increased credit card regulation, but she's much more concerned with providing basic solutions to individual financial crises—and delivers the goods effectively. (Jan. 5)
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Product Description
There is a growing financial epidemicyoung adults are taking on more student loan and consumer debt than ever before, but finding it harder to pay it off. With tuition and living expenses rising every year, and the average college student graduating with over $18,000 in debt, many are trapped and cant find a way out. Now, this definitive book offers the financial advice necessary to help readers navigate their way toward a debt-free future. Informative, timely, and entertaining, GENERATION DEBT teaches readers how to: Get a grip, set goals, and make financial plans by identifying needs vs. wants Employ the B word (Budget) to lower bills Master loans with payback options and consolidation strategies Learn good debt vs. bad debt and be smarter with credit cards Understand interest rates and fees, and shop for the best rates and services Take advantage of employee savings plans, stocks, bonds, and mutual funds And much more.

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Product Details

• Paperback: 272 pages
• Publisher: Business Plus (January 5, 2006)
• Language: English
• ISBN-10: 0446695432
• ISBN-13: 978-0446695435
• Product Dimensions: 7.9 x 5.2 x 0.8 inches
• Shipping Weight: 8 ounces (View shipping rates and policies)
• Average Customer Review: 4.0 out of 5 stars See all reviews (22 customer reviews)
• Amazon.com Sales Rank: #551,736 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

8 of 9 people found the following review helpful:

4.0 out of 5 stars Good book!, March 25, 2006

By	armchairinterviews.com (Minnesota) - See all my reviews

-- Why does Ulrich refer to those aged 18-34 as Generation Debt?
-- Why do the minimums of a college education, cell phone, good car, and the right clothes to interview in, put the average 24 year old close to $30,000 in debt while going after a $30,000-a-year job?
-- Why does this age group think of spending, rather than investing and saving?
-- And what will it take to drive back what Ulrich refers to as "the enemy": debt?

Ulrich does a masterful job of identifying not only the symptoms that tell us we're in up to our ears in bad debt, but also the root causes so that cures can be found. We're treated to up-to-date statistics that let us know that college graduates out earn their high school counterparts by almost 45% on a weekly basis, right here and right now--let alone over a lifetime. She shows that Pell grants that once covered up to 84% of one's college costs now, at most, cover 40%.

But she doesn't let the Generation Debtor off the hook. It is not circumstances that cause debt. It is decisions that cause debt. It is being labeled by lifestyle--hippie boomers, soccer Moms, Nascar dads, and bobos (you'll have to read the book to understand that one!) that causes us to believe that we need, want and deserve certain things.

Ulrich identifies where big debt can come from, correctly points out that the social stigma of debt is largely gone, but that it also starts to hurt, big time. She also points out that there are ways out, however, not as fast as one might like and certainly not as painless. But there are huge perks to getting on the other side of Debt Mountain.

The book is filled with practical helps to create a master plan for getting out of debt along with tremendous resources, many available online. It also shows how to get money working for you, instead of simply working for it.

Armchair Interviews says: For parents of 18-34 year olds, this book is a great gift--but only when you've bought it for yourself and begun applying the principles to your own debt!

10 of 12 people found the following review helpful:

3.0 out of 5 stars It was alright..., April 29, 2006

By	Janice (Arlington, VA) - See all my reviews

Carmen Wong Ulrich's "Generation Debt: Take Control of Your Money - A How-to Guide," deals with the reason why 18-34 years old Americans are in debt and the primary reason was of course credit cards. The author also provided some basic advice for people who wanted to purchase a vehicle or home, taxes, retirement funds, health insurance and others.

I thought the information in this book was quite basic and would be handy for someone who just started out, or even high school students. Carmen Wong Ulrich also provided some helpful websites for people to learn about the various topics she covered. This was an okay book and I think potential readers are better off getting this from the library.

4 of 4 people found the following review helpful:

2.0 out of 5 stars Alright, but definitely not a must-read, May 15, 2007

By	www.luxuryreading.com "Vera" (Cleveland, OH) - See all my reviews

I bought this book after reading some good reviews, and I wish I paid more attention to the mediocre ones. Admittedly, the book is an easy read, has a good dose of humor and the author relates well to those in their early to mid-20's (mainly because she's a member of this generation). While the book would be useful to high school students and the occasional completely clueless college student, it offers little to no new information to anyone else. (to give perspective, I'm 23 years old, am a recent college grad and am employed full time) Ulrich simply re-stated well known facts - young adults today are broke, they have too many student loans and too much college debt, etc., etc. - and offered cliche advice. There was nothing in this book that I did not already know, i.e. don't default on student loans, pay of high interest credit cards ASAP, and so on and so on. Overall, not a completely useless read, but you're better off borrowing one from the library.