The Debt Hamster-Wheel: How to Start Getting Off

An article I read about young Americans stuck on a hamster-wheel of debt was so compelling, I was surprised to see that it dated back to February 2006. It’s just as relevant today as it must have been four years ago—perhaps more so, given the recession that’s affected the country between then and now.

‘Generation Debt’ is going deep into the red, by Vanessa Richardson at msnbc.com, highlights the financial frustrations facing Generation Y, including heavy loads of student loan and credit card debt and an insecure economy with poor job prospects.

The article also offers candid feedback from graduates about how they’re coping with their overwhelming financial obligations and some practical advice from finance experts on how to get off your own hamster-wheel of debt. College and high school graduates alike will find these personal finance tips helpful. (Stay tuned to EducationGrant.com for information on upcoming changes to credit card laws.)

Thanks to Penelope Trunk for the reference to this article.

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