Debt Management

Debt management refers to the strategies and practices used to handle personal debt effectively. This includes understanding what you owe, creating a budget to manage your expenses, prioritizing debt repayment, and potentially negotiating with creditors for better terms. The goal is to reduce debt levels, improve credit scores, and achieve financial stability. Techniques can involve consolidating debts into a single payment, using methods like the snowball or avalanche approach to pay off debts, and ensuring you maintain a balance between borrowing and savings. Healthy debt management helps you regain control of your finances and work towards financial goals.