The saying that debt is easy to get into and hard to get out of hits home for younger Americans.
This point covers the saying that debt is easy.
The saying that debt is easy.
hard to get out of hits home.
This point is easy to scan.
At the end of 2018, 18- to 29-year-olds carried over $1 trillion in debt, according to the Federal Reserve.
This point covers at the end of 2018, 18-.
At the end of 2018.
18- to 29-year-olds carried over $1 trillion.
This note uses easy words.
That’s the highest level since 2007.
“Understanding your options and making a plan is imperative,” says Billy Hensley, CEO of the National Endowment for Financial Education.
This point covers "understanding your options and making.
"Understanding your options.
making a plan is imperative," says Billy.
Read this point in order.
“Anyone doing that is going in the right direction.”
This point covers "anyone doing that is going.
"Anyone doing that is going in.
Use one clear idea here.
This line is simple to follow.
Knowing a few key points can help anyone resolve debt faster.
This point covers knowing a few key points.
Knowing a few key points can help.
This line gives one clear fact.
Read this easy note next.
That includes people who are new to debt and people who are not.
This point covers that includes people who are new.
That includes people who are new.
people who are not.
Read one short idea at a time.
Cut your interest rate
A high-interest credit card or loan is costly.
This point covers a high-interest credit card or loan.
A high-interest credit card or loan.
The next point is easy to track.
Use this short part as a guide.
But you may be able to pay less interest and pay off debt faster with these tools:
This point covers but you may be able.
But you may be able to pay.
pay off debt faster with these tools.
Use this short note for context.
Balance transfer cards
Roll the balance of your existing cards onto a new one offering a promotional 0% interest rate.
This point covers roll the balance of your existing.
Roll the balance of your existing cards.
This part stays clear and direct.
Read the next point slowly.
With your entire payment going to the debt, not interest, you’ll pay it off faster and save money.
This point covers with your entire payment going.
With your entire payment going to.
you'll pay it off faster.
Read this short point first.
Two caveats: Pay it off within the promotional period, and you’ll need good or excellent credit to qualify.
This point covers two caveats: pay it off within.
Pay it off within the promotional period.
and you'll need good or excellent credit.
This note gives one main idea.
Consolidation loan
You can consolidate multiple debts into a single payment with a personal loan.
This point covers you can consolidate multiple debts into.
You can consolidate multiple debts into.
Keep the next step clear here.
This note keeps the meaning clear.
You might try this if your card balances are too much for a balance transfer card. This also requires good to excellent credit.
This point covers you might try this if.
You might try.
your card balances are too much.
This part uses short plain words.
Debt management plan
If you’re having trouble paying your minimums, a debt management plan from a nonprofit credit counseling agency can cut your interest rates.
This point covers if you're having trouble paying.
If you're having trouble paying your minimums.
a debt management plan from a nonprofit.
Use this quick point for help.
It can also put you on a repayment plan.
This point covers it can also put you.
It can also put you on.
This line is simple to follow.
One simple fact appears here.
Tip
Weigh the pros and cons.
“Debt consolidation or balance transfer makes sense when monthly payback, interest and payment terms are less than your current payments,” Hensley says.
This point covers "debt consolidation or balance transfer makes.
"Debt consolidation or balance transfer makes sense.
payment terms are less than your current.
Read this easy note next.
He cautions, though, that transferring debt can tempt you to take on more debt.
This point covers he cautions, though, that transferring debt.
that transferring debt can tempt you.
This point keeps the topic clear.
Keep each choice easy to review.
“The question is, will you be strong enough not to use that original credit card again?”
This point covers "the question is, will you.
"The question is.
will you be strong enough not.
Use this short part as a guide.
“Can you avoid using it to make ends meet or to fill a desire?”
This point covers "can you avoid using it.
"Can you avoid using it to make.
This note gives a simple step.
Use clear words and short lines.
Make student loans more affordable
If you’re struggling to handle monthly payments, consider these options:
This point covers if you're struggling to handle monthly.
If you're struggling to handle monthly payments.
consider these options.
Read the next point slowly.
Federal loans
You have several repayment options if the standard plan isn’t affordable.
This point covers you have several repayment options.
You have several repayment options.
the standard plan isn't affordable.
This part keeps one key idea.
With the income-driven plan, your payment will generally be around 10% of your discretionary income.
This point covers with the income-driven plan, your payment.
With the income-driven plan.
your payment will generally be around 10%.
Use this quick line for context.
Private loans
Call your lender about repayment options.
You may also be able to refinance student loans at a lower interest rate, though you’ll need good credit to qualify.
This point covers you may also be able.
You may also be able to refinance.
though you'll need good credit to qualify.
This note keeps the meaning clear.
Tip
Before you miss a payment you can’t afford, look into ways to manage your student loans.
This point covers before you miss a payment.
Before you miss a payment you can't.
look into ways to manage your student.
Read this short guide first.
Question medical bills
Medical bills can be costly, complicated and confusing if there isn’t a clear path to resolve them.
This point covers medical bills can be costly, complicated.
Medical bills can be costly.
there isn't a clear path to resolve.
This note stays short and clear.
But you have a few options to pay medical bills. First, make sure any insurance coverage has been properly applied.
This point covers but you have a few options.
But you have a few options.
make sure any insurance coverage has.
One simple fact appears here.
You should receive what’s called an “explanation of benefits” letter from your insurer stating how much it covered.
This point covers you should receive what's called.
You should receive what's called an "explanation.
Use the next short step.
One short check can help here.
Compare that with your bill to check that charges are accurate.
This point covers compare that with your bill.
Compare that with your bill to check.
Keep each choice easy to review.
Read the clear step below.
Next, figure out how you’re going to pay what you owe.
This point covers next, figure out how you're going.
figure out how you're going to pay.
Check one point before the next.
Use this point to stay on track.
For bills you can’t cover in one payment, ask the service provider to establish a payment plan.
This point covers for bills you can't cover.
For bills you can't cover in one.
ask the help companies to establish.
Use clear words and short lines.
For large bills, such as from a hospital stay, tap the help of a medical bill advocate.
This point covers for large bills, such as.
For large bills.
such as from a hospital stay.
Read the key fact first.
These professionals can spot errors in bills and negotiate the total owed.
This point covers these professionals can spot errors.
These professionals can spot errors in bills.
negotiate the total owed.
Use this step as a quick guide.
Tip
Medical bills can be malleable — don’t take them at face value.
This point covers medical bills can be malleable —.
Medical bills can be malleable — don't.
Look at the main issue first.
Use one small step at a time.
Find out your rights on old debt
All debts have a “statute of limitations” after which you can no longer be legally sued for payment.
This point covers all debts have a " statute.
All debts have a " statute.
Keep the idea small and clear.
Keep the next move simple.
But you still owe the debt — and debt collectors will likely remind you of that. Debts in collections are often sold and resold.
This point covers but you still owe the debt.
But you still owe the debt —.
debt collectors will likely remind you.
Review this short fact.
That means a collection agency could demand payment for long-forgotten bills.
This point covers that means a collection agency.
That means a collection agency could demand.
Use the next note as help.
Use the key list for help.
Act fast if you’re being pursued for an old bill, says Cara O’Neill, legal editor at Nolo, the do-it-yourself legal advice publisher.
This point covers act fast if you're being pursued.
you're being pursued for an old bill.
says Cara O'Neill.
Take the next point slowly.
“Find out your state’s statute of limitations period,” she says.
This point covers "find out your state's statute.
"Find out your state's statute of limitations.
One short check can help here.
This point is easy to scan.
Also learn whether your state requires the debt collector to disclose that expiration.
This point covers also learn whether your state requires.
Also learn whether your state requires.
Read the clear step below.
This note uses easy words.
Check what penalties a creditor could face for failing to do so.
This point covers check what penalties a creditor.
Check what penalties a creditor could face.
Use this point to stay on track.
Read this point in order.
If a debt is past its statute of limitations, paying even one dollar can reset that clock.
This point covers if a debt is past its.
If a debt is past its statute.
paying even one dollar can reset.
Keep the plan easy to follow.
That can leave you vulnerable to being sued for payment.
This point covers that can leave you vulnerable.
That can leave you vulnerable to.
Read the short answer next.
This line gives one clear fact.
Check out your consumer rights under the Fair Debt Collection Practices Act and your own state’s regulations before engaging with debt collectors.
This point covers check out your people rights under.
Check out your people rights under.
your own state's regulations before engaging.
Check the key cost here.
Tip
If the creditor violates your consumer rights or state regulations, contact your state’s consumer protection agency.
This point covers if the creditor violates your people.
If the creditor violates your people rights.
contact your state's people protection agency.
Use one small step at a time.
You can also try tapping free legal aid from your local court.
This point covers you can also try tapping free.
You can also try tapping free legal.
Keep the next move simple.
Use this short note for context.
This article was written by NerdWallet and was originally published by The Associated Press.
This point covers this article was written by nerdwallet.
This article was written by NerdWallet.
was originally published by The Associated Press.
Read the short facts in order.
More From NerdWallet
Sean Pyles is a writer at NerdWallet. Email: spyles@nerdwallet.com. Twitter: @SeanPyles.
This point covers sean pyles is a writer.
Sean Pyles is a writer at NerdWallet.
Use the key list for help.
Read this short point first.
The article There’s More Than One Way to Slay a Debt originally appeared on NerdWallet.
This point covers the article there's more than one.
The article There's More Than One Way.
Check the main need first.
This note gives one main idea.
