I'm Vietnamese-American. With 10% of Asian Americans living in poverty, I asked a financial planner how they can escape.

May is Asian American and Pacific Islander Heritage Month. 10% of Asian Americans live in poverty, but CFP Daniel Masuda Lehrman has 5 tips.

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• 10% of Asian Americans live below the poverty line.
• CFP Daniel Masuda Lehrman says the two biggest contributors to poverty are housing and cars.
• Lenders are often able to make debt more manageable, and balance transfer credit cards can help.

May is Asian American and Pacific Islander Heritage Month, and while there are certainly a lot of accomplishments and milestones that AAPI people can be proud of, it's important to remember that Asians in America aren't all equally successful. As someone who identifies as Vietnamese-American, I can attest to the fact that we are not a monolith. About 19.9 million Americans identify as being Asian in the U.S, which includes 21 distinct groups.

A recent Pew Research Center study reveals that 10% of Asian Americans (2.3 million) live below the poverty line. Poverty rates vary by group — only 6% of Asians who identify as Indian are living in poverty, while Mongolian (16%), Hmong (17%), and Burmese (19%) groups experience higher rates of poverty.

Seventy-nine percent of impoverished Asian Americans have been hit with financial challenges in the last year. These financial struggles tend to come in clusters — per Pew, 65% experienced at least two money troubles, such as having trouble paying bills, rent, or mortgage; losing their health insurance; not being able to save for emergencies; and needing to get food from a charitable organization or food bank.

So what happens when you're hit with a flurry of financial hardships? I spoke with certified financial planner Daniel Masuda Lehrman founder of Masuda Lehrman Wealth, a Honolulu, Hawaii-based financial planning firm, on how Asians living in poverty can handle several money challenges at once.

1. Cut back on housing

Because a higher number of AAPI households are multigenerational compared to other ethnic and racial groups, you might want to consider moving back with your family. That's because housing is usually the biggest expense in your budget, says Masuda Lehrman, who specializes in multigenerational wealth.

If you're not in a place to move in with your family or maybe you just don't want to, consider cutting back on your housing costs by trying to find a cheaper place or get roommates.

2. Lower your car costs

Other ways you can cut back on essential spending are to cut costs in the other two major expenses — transportation and food. For example, if you have a car loan, see if you can lower your car loan payment by selling your car and getting a cheaper used set of wheels.

"A lot of people get too much by getting a vehicle that they cannot afford," he says. "A low-hanging fruit way to save is to consider cutting back on your car expenses. It's really those big items that really make a difference — housing and your car. If you're not making smart decisions in those two categories, focus on them first."

3. Reach out to your lenders to better manage your debt

Contact your lenders and creditors, explain your situation and see what they can do for you to help you manage your debt. "A lot of people will assume that they won't be able to help you out in any way, and so they don't even bother contacting their lender," says Masuda Lehrman.

"Communicate with them, let them know that you're in a tough position, and ask what options are there," says Masuda Lehrman. For student loans, there's deferment, which pauses your federal student loans for up to three years.

If you have credit card debt, see what hardship options the card issuer offers. For instance, they might be able to lower your minimum monthly payment, temporarily pause your payments, or reduce your interest rate.

4. Consider a credit card balance transfer

Credit card debt is expensive. If you're struggling financially and have looming debt, you could transfer it to a balance transfer credit card with a 0% introductory period.

"Credit cards might have 20% to 25% interest, so you cannot let credit card debt get out of control," says Masuda Lehrman. If that debt is going to bury you, applying for a 0% APR credit card with a balance transfer means you won't have to pay interest for awhile — often up to 18 months. "That gives you some wiggle room to get back on your feet," he says.

5. Avoid taking on more high-interest debt

If possible, avoid taking on additional high-interest debt, suggests Masuda Lehrman. "It's a slippery slope when you're already in a tough spot, but if possible, avoid those crazy payday loans or even adding more to your credit card balance."

That's due to the power of compound interest. "It's the same reason why people advise investing in the stock market," he says. "As they say, 'Compounding interest is the eighth wonder in the world,' because it [grows] at an exponential curve. It works the opposite way when you're taking on debt at a 20% or 25% interest rate."