Debt management refers to the process of handling and organizing personal or business debts to ensure they are paid off efficiently. This can involve creating a budget, negotiating with creditors, or consolidating multiple debts into a single payment. The goal is to reduce financial stress and avoid defaulting on loans. Effective debt management can help improve credit scores and financial stability. It often includes strategies like prioritizing high-interest debts, setting up payment plans, and seeking professional advice from credit counselors or financial advisors. By managing debt wisely, individuals can work towards a more secure financial future.