Debt management is the process of organizing and managing your debt in order to pay off your debts as quickly and efficiently as possible. This usually involves creating a strategy for reducing your total debt by paying off smaller debts first, while also making concerted efforts to avoid accruing new debt.
One important part of effective debt management is budgeting, which involves closely monitoring your income and expenses so that you can make informed decisions about how much money you have available to put towards paying down your existing debts. Other key components of good debt management include setting achievable goals for yourself, looking for ways to reduce or eliminate unnecessary spending, and working with lenders or credit counselors when needed. Overall, having a good plan for managing your debt can help you gain control of your finances, improve your credit score, and ultimately save you money over the long term.