Generation Debt

Going Broke: Why 20-somethings are sinking in a sea of debt

Debt is a four-letter word, and for millions of young Americans, it's an all-too familiar term.

Flash

Racking it up at NYU

Friends have described me as "grounded." Their parents have commended me for "helping out" and working during school. Employers have told me I have a "good old-fashioned work ethic." But I know the truth: If I don't surrender to minimum-wage hell every second I'm not in class -- I won't even be able to afford a Ramen diet.

The long dig out of debt

Back in the days when Frank Sinatra recorded "New York, New York," a young transplant headed to the big city with a dream and a dose of moxie had a good shot at making it. But times have changed – and now it takes cash. Or plastic.

Decoding debt-speak

The debt burden comes with its very own dialect. Words like consolidation, settlement and DMP are the anchors of debt-speak, but what do they mean? How do they work? Who are they for?

Fighting credit report fraud

Late credit card payments, a steep debt-to-income ratio or rejected loan applications – they all smudge credit reports and turn basic business transactions – and even job searches – into nightmarish tangles of red tape. And if the negative information is accurate, it stays on your credit report for seven years. No exceptions.

Cut the credit card junk mail

Every day the mailbox is crammed with tempting offers – 0% APRs, no-fee balance transfers, credit card options galore.

Chasing a big city dream comes with big bills

Looking back, Oscar Collazos says his money problems probably started that day in Florida a few years back when on a whim he used his "emergency" credit card to buy a $3600 motorcycle.

Bouncing back from bankruptcy

Lisa Golan's credit card balance was close to $16,000 by the time she saw a television ad offering debt solutions and picked up the phone to dial for help.

Choosing the right credit counselor

There are rules to choosing the right debt counselor and the first is: Do your homework!

How to calculate your debt