'Get a Financial Life' is one good book

Those who would like tips on managing credit card debt, paying off student loans, finding the right bank and more may want to check out the book "Get A Financial Life: Personal Finance in Your Twenties and Thirties," by Beth Kobliner.
The book is an updated and expanded version of Kobliner's first edition of the same name. The first "Get a Financial Life," released in 1996, made the New York Times, Business Week and USA Today bestseller lists.
Kobliner said the revised edition, which hit bookshelves in June, updates the first by including advice on individual retirement accounts (IRAs), online investing, student loans, the best financial deals on the Internet, with more than 100 new financial Web addresses. The revised edition of "Get A Financial Life" also covers many other topics, such as making wise auto loan decisions and choosing a bank without paying outrageous monthly fees.
"There are so many different tax deductions now and changes in student loans. The Internet has changed everything," said Kobliner, who recently became the financial editor and commentator for MSNBC's HomePage. The HomePage program airs from 1 to 4 p.m. Monday through Friday.
Kobliner majored in English and said she took only one economics course from Brown University, in Providence, R.I. She earned a bachelor of arts degree in English from Brown in 1986, and lives with her husband and two children in New York City.
After graduating, Kobliner said her writing skills paid off when she began working for personal finance pioneer Sylvia Porter, whose syndicated column appeared in more than 150 newspapers nationwide.
"Being able to write well helps with any type of job after graduating," Kobliner said.
As a finance writer for Porter, Kobliner researched and wrote more than 100 columns. She was a staff writer at Money magazine from 1988 to 1995 and has contributed to the New York Times. In addition to her role at MSNBC, Kobliner also appears frequently as a financial expert on CNN and public radio's MartketPlace and has been a repeated guest on Today (NBC), This Morning (CBS), CNBC, CNNfn and Oprah.
She said her books are targeted toward younger people, whether they're single or married, students or non-students, about money issues in an easy to understand but not condescending manner. For college students, credit cards remain a menace to their budgets, she said.
"Credit card debt is really a major problem nationwide on college campuses. Twenty years ago, no credit card company would offer cards to students without a job or income. But today, credit card companies are bombarding college campuses. They're basically preying on younger people," Kobliner said.
After most Baby Boomers became credit card holders, companies knew they needed a new group of customers so they began targeting college students, she said.
"The companies knew students do not have a lot of money, and that they don't pay off their total debt every month. That way, interest gets raised. Companies felt students wouldn't default, but would only pay low, $20 monthly payments. And if college students get in trouble, I think some companies assume parents will help pay off their debts so they don't ruin their credit reports."
Although access to credit cards may be easier these days, the penalties tied to them may be harsher. Kobliner said most cards offered to students have interest rates as high as 18.5 percent.
"Most students leave college with thousands of dollars in credit card debt plus their loans. The high interest makes financial life a lot harder, in terms of buying a car or a first home," she said.
In "Get A Financial Life," readers can find helpful Web sites like www.bankrate.com and www.cardweb.com, which offer good information for low interest rate credit cards. Kobliner said people with a decent credit record can often move from high to low interest rate cards.
She said some students may inherit poor financial habits from their parents while others may not.
"I think it really varies. Students with financially irresponsible parents may become financially responsible. Then there are those whose parents are extremely responsible but they let things slide, or break out and spend like crazy."
The author recalled her entrance into Brown University and personal finance.
"My first day of college, I was in the student loan office with my parents. I was told I had less in aid than I expected, and I burst into tears. I think I got some sort of scholarship, so they had to take away some financial aid. It was a devastating experience. I had to make it up in loans."
Kobliner said at that time, credit cards companies were just beginning to hit college campuses.
"I didn't get a credit card in college. I tried to keep my budget within my limits. I didn't spend a lot of money in college. I was pretty careful because I didn't have much money."
In the updated "Get A Financial Life," Kobliner offers tips on helping students paying off their loans once they've left school.
"It's easy to blow off loans. But if you do not pay them, they'll show up on your credit report and could haunt you for seven years. I know people who defaulted on their loans and liens were put on their homes.
"I think the important thing is to pay your bills on time."
Loaners like Sallie Mae offer rewards students should be aware of, Kobliner said. For example, borrowers who make their first 48 payments on time can have their loan interest rates reduced by 2 percent.
Credit card interest is usually much higher than the interest on loans, so students should pay off their credit cards first, she said.
"You can stretch out student loans from 10 to 20 years, reduce the monthly payment, and use the money to pay off higher rate credit cards more quickly."
The revised "Get A Financial Life" edition also includes advice on 401(k) plans and individual retirement accounts.
"The most important thing is to start saving in these plans in your 20s, not in your 30s or 40s. Even with a low salary, force yourself to put some money into these plans. You can often borrow money from them to use for college education for your kids or for a first home."
People can avoid certain bank fees and other charges by shopping around for the best deal, Kobliner said.
"Ask parents or relatives who belong to a credit union, which charges a lot lower fees, and often requires no minimum amount. Or consider an online bank. They offer a lot of good options. Pay attention to ATMs, and use them only twice a month. By only using them twice monthly, you'll get a better handle on your money and how to budget it."
The revised edition of "Get A Financial Life" is published by Simon & Schuster and costs $13.
In Mount Pleasant, the book can be purchased at The CMU Bookstore in the Bovee University Center or ordered from The Student Book Exchange Co., 209 E. Bellows St. and The Book Mark, 2200 S. Mission St.
For more information on "Get A Financial Life," visit www.SimonSays.com and www.kobliner.com.