The near doubling in the cost of a college degree the past decade has produced an explosion in high-priced student loans that could haunt the U.S. economy for years. While scholarship, grant money and government-backed student loans -- whose interest rates are capped -- have taken up some of the slack, many families and individual students have turned to private loans, which carry fees and interest rates that are often variable and up to 20 percent. Many in the next generation of workers will be so debt-burdened they will have to delay home purchases, limit vacations, even eat out less to pay loans off on time. Kristin Cole, 30, who graduated from Michigan State University's law school and lives in Grand Rapids, Mich., owes $150,000 in private and government-backed student loans. Her monthly payment of $660, which consumes a quarter of her take-home pay, is scheduled to jump to $800 in a year or so, confronting her with stark financial choices.

One of the nicest things about my job is that I get to travel around the country speaking to audiences about managing their money and listening to people talk about their successes and challenges. Earlier this year, at the invitation of Sidney James-Nakhjavan, I enjoyed the hospitality of Auburn University, where I spoke to the Women's Philanthropy Board at the College of Human Sciences. I also met with a number of Auburn students who had taken Sid's seminar in personal finance, using my book, Money Smart Women, as a text. One of those students was Brandy Howell, who endeared herself to me by bringing along a copy of the book marked with copious Post-its.

Next to buying a home or funding your children's education, buying a car is the most expensive purchase you'll make. And car-related expenses, such as gas, maintenance and insurance, can take a big bite out of your wallet. Kicking a few tires is only half the battle. Before you begin looking for a new car, you should know your limits and what you should be spending. Experts say you shouldn't spend more than 10 percent of your gross income on car expenses, which includes the cost of the car along with insurance, gas and maintenance.

Before zeroing in on the vehicle you want to buy-new or used-it pays to have your financing already in place. This will eliminate one more area where a dealer can slip a few more dollars from your pocket into his. There are several places to borrow the money: Brick-and-mortar banks and credit unions. You can get an auto loan from a bank, credit union or another financial institution. You can have these loans approved before you ever hit the showroom. These sources of financing will usually offer the lowest rates you'll find, and credit unions are generally lower than banks.

Theory's great and reality's scary. The answer is "yes." But there are several big "ifs" attached. The question? Oh, sorry and it's one I get asked so often I thought you might know what I was referring to. So let me back up. People from all walks of life are inundated through e-mail or snail mail with long-term, low-interest credit card offers. You know the type: 1.99 percent interest until the balance is paid off, or something similar.

Auto financing can come from one of several sources, including banks, credit unions, and auto dealerships. If you're serious about buying a car, you need to investigate the various possibilities. Here are the top mistakes some people make when seeking and securing an automobile loan. 1. Not investigating all your options. Many people use credit unions for automobile loans, while others find good deals from their local banks. The key is to investigate all potential lending options, including the dealership. Several sites, such as RoadLoans.com, LendingTree.com, or E-Loan.com will help you make financing comparisons, and in some cases, secure loans.

How long is too long when it comes to financing a new vehicle? Apparently for many buyers there is no such thing as too long, provided the monthly payments are kept low. The average length of a car loan today is an astounding 70 months, up from about 62 months a year ago. On some higher-priced vehicles, nine-year car loans are starting to appear. And none of these figures take into account buyers who have taken out home equity loans to purchase new vehicles, often extending the payments over as many as 15 years.

Recent used models -- those that are less than five years old -- can be a real value because you get a nearly-new car still in fine working order for a fraction of the new-car price. And you'll pay less for collision insurance and taxes too. The trade-off, of course, is that you don't know if a pre-owned car has any hidden problems that will come back to bite you in the wallet down the road. Finding a used car isn't tough -- they're in plentiful supply these days at dealers and from private parties. You can search for cars from both at Autotrader.com and Cars.com, and find a wealth of information; from how many miles the car has on it to how it's equipped. Still, buying used often feels like a gamble. How do you know you're getting a good deal? How do you avoid ending up with a lemon?

With high gasoline prices drawing so much attention lately, the often harsher overall cost of auto financing is being ignored by consumers who are stretching loans on new cars to as long as nine years. Low monthly payments and no-money-down deals have long been used to shore up car sales in a slumping market. But auto buyers who opt for longer loan terms are more likely to wind up owing more on their car loans than their cars are worth. Car dealers and banks say people in this position have negative equity, but the popular expression is that they are "upside down." Last year, about 29% of car buyers who traded in a vehicle to buy a new one owed more on their car loans than their cars were worth, compared with 20% five years earlier.

"Sticks and stones may break my bones, but words will never hurt me." That's all well and good on the playground, but it's a different story in a car showroom. That's because auto dealers have their own colorful slang that says something about how the car business operates; some pitfalls to watch out for; and, in some cases, how some of the more cynical dealerships see the customer. Many car dealer terms can be applied to customers. Quite a few, like "Minnie the Moocher" are not compliments. (In the Cab Calloway song, Minnie the Moocher dreams she has $1 million in nickels and dimes, which she counts a million times.) A "mooch" is a customer who wants everything, without paying for anything. Not something the dealer likes to see.