Debt management involves strategies and practices aimed at controlling and reducing personal debt. It encompasses various methods such as budgeting, debt consolidation, and negotiating with creditors to create manageable payment plans. Effective debt management can help individuals regain financial stability and improve their credit scores. By understanding the types of debt, such as credit card debt and student loans, individuals can prioritize repayments and avoid falling into deeper financial trouble. Seeking professional advice from credit counseling services can also provide valuable insights and support in navigating the complexities of debt management.