Category Credit & Debt

Debt management refers to the strategies and practices that individuals use to handle their debt effectively, ensuring they can pay it off and improve their financial situation. This involves understanding the types of debt one has—such as credit card debt, student loans, or mortgages—and prioritizing which debts to pay off first, usually starting with those that have the highest interest rates. Effective debt management can also include creating a budget to track spending and finding ways to cut costs, so more money can be directed toward paying down debt. By managing debt wisely, individuals can relieve financial stress, improve their credit scores, and achieve greater financial stability in the long run.