Debt is something, usually money, that is owed.
People get into debt for several reasons. To pay for school, buy cars, houses,clothing, pay for unexpected events, pay bills, go on vacations, or to pay credit cards. Whatever the reason for getting into debt, in order to effectively manage debt, there has to be a plan. The first step is identifying what is owed. Find out every detail of your existing debt. Information about your debt can usually be gotten from statement balances, loan documents or by pulling a free credit report from a federally approved site such as www.annualcreditreport.com

Write down the information from the research.

1. How much is owed

2. Who it is owed to

3. What the minimum payments are

4. When the minimum payments are due

5. What the interest rates are on the debt

6. How much has been paid on the debt

7. What the term of the loan is

   If you want to adequately manage your debt, a good starting place would be find out what you need to manage.
   

   Next, you need to develop and commit to a plan.