Managing debt can be overwhelming, but with the right strategy, it’s possible to pay off debt and regain financial freedom. The first step in debt management is understanding exactly how much debt you owe and to whom. List out all your debts, including credit cards, loans, and any other outstanding balances, along with their interest rates.

Two common strategies for paying off debt are the snowball method and the avalanche method. The snowball method involves paying off the smallest debts first, which can provide a psychological boost as you eliminate balances. The avalanche method focuses on paying off the highest-interest debts first, saving you money in the long run.

Additionally, consolidating high-interest debt into a lower-interest loan or balance transfer can make debt more manageable. Avoid taking on new debt while focusing on repayment, and aim to pay more than the minimum payment each month to reduce the total interest paid.

Sticking to a plan and remaining consistent is key to effective debt management.