Debt

Debt-management process is a systematic attmpt to analyze and deal with debt. This process can be broken into five steps:
Debt identification: consists of figuring out what the most important debt exposures are for the unit of analysis, either an individual or a household. To help in identifying debt exposures, it is a good idea to have a checklist that enumerates of all the entity's potential exposures and the realtionships among them.
Debt assessment: is the qualificaton of the costs associated with the debt that have been identified in the first step of debt identification.

Selection of debt-management techniques: there are three steps you can use to reduce debt;
Debt avoidance - a conscious decision not to e exposed to a debt
Loss prevention and control - actions taken to reduce or prevent likeelihood or severity of the loses
Debt transfer - trnsferring debt by going to the banks and asking fora loan to consolidate all of your debts into one that could offer the lowest interest rate and most convinient types of payments.

Implementation: following decision about how to handle the debt, one must decide to implement it. In other words, you have to take an action to consolidate and reduce yoour debt.

Review: debt-management is a dynamic process that needs to be reviewed every now and then. Review your debt often and review other available toold on the market to help you conslidate reduce you debt. You might find even a lower interest rate to consolidate yor debt, so you will transfer it from one to another instiution. Good luck!