Effective Debt Management

Managing debt is crucial for maintaining financial health. High levels of debt can lead to stress and financial instability. Here are some tips for effective debt management:

• Create a Debt Repayment Plan: List all your debts and prioritize them based on interest rates.
• Make Payments on Time: Ensure you make at least the minimum payments on time to avoid penalties.
• Consider Debt Consolidation: Explore options for consolidating your debts into a single payment.

“The first step to getting out of debt is to stop borrowing.”