Confront your debt | Top iPad Finance Apps

By Rachel Louise

ENSIGN

Since graduating from college in 2010, has taken the 24-year-old for a loan for a new car and pay off helps his wife around $ 20,000 in student loans. He took a $ 154,000 mortgage to buy a house and $ 4,000 in store credit cards to deliver it.

Although Mr. Pontarelli says he has taken to get the best rates possible, he needed a new system to manage its debt burden to develop. ?It has to organize itself, relieve just some of the pressure,? says Mr. Pontarelli, who, Overland Park, Kansas, lives and works in a finance and consulting firm.

Young adults are racking up record amounts of debt. Students will finance the completion of a bigger-than-ever loan to his studies, and then released with credit cards, the extras can not afford to buy them to cover completely. For many, this leads to a vicious cycle of debt that they will follow for years. But there are ways to reduce your debt load and catch a break-even for a young person.

First, ask yourself whether it is at all possible, pay off your debts. If you have your payments large but manageable with your income and other expenses, you will want to compromise and consistently pay as much as possible to concentrate.

Mr. Pontarelli and his wife pursued their money and saw where it room to debt payments divert money needed. A big culprit was vacation. She went this year, but do not splurge on extras.

enrolled in automatic payments for their loans and credit cards. A number of lenders who had financed his wife?s college loans them a small interest rate cut it.

young adults with debt payments, that starting salary may not cover need help before they seek to destroy their credit, says John Ulzheimer, president of consumer education at SmartCredit.com.

credit card debt, you want to call your lender to find out what your options are. One is with a reputable credit counseling service such as offered by the National Foundation for Credit Counseling, which is often negotiate a lower interest rate and the required monthly payment.

Your last resort should wipe personal bankruptcy or a settlement with a credit card company that you allow your balance by placing a lump sum payment that is lower than the balance owed will be. If you are under Chapter 7 of the bankruptcy proceedings, you are subject to undergo a means test. In the settlement of debts, lenders will look at a person?s income, so a young person could end up with better terms, says Mr. Ulzheimer.

your loan is a big hit, a bankruptcy filing will pay on your credit report for up to 10 years and a financial settlement for up to seven years. But for a young man, which could mean that the bankruptcy or settlement wiped off the report before he or she is in a position to, say, buy a house.

If you have federal student loans, look into an income-contingent repayment plan that reduces your monthly payment to no more than 15% of your discretionary income. If you have a public service, you can also apply a loan-forgiveness program to apply. See studentaid.ed.gov for details. If your loan is private, you need to contact your lender about an emergency deferral.

e-mail: @ wsj.com rachel.ensign in The Wall Street Journal, page WSJ2 Printed

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