Debt Management

Marcus Writes By Marcus Writes, 25th Feb 2015 | Follow this author | RSS Feed
Posted in Wikinut>Money>Debt

Financial Freedom starts with the effective management of debts.

Managing Debt for Financial Freedom

Debt is probably one of the modern means of slavery not only psychologically but also emotionally. Technically according to Wikipedia, “A debt generally refers to money owed by one party, the debtor, to a second party, the creditor” but for many, debt is a source of sleepless nights, stress, shames, depression, and even a form of financial and social cancer.

The Roman Catholic’s Bible also shed a verse on debt in relation to slavery “The rich ruleth over the poor, and the borrower is servant to the lender” as noted on the book of Proverbs. From Biblical times to this day, debt has been a major problem not only by individuals, households, but also nations in the wider perspective of life. While debt has catastrophic implications on personal finance, mental, emotional and social well-being, the need to manage debt gives birth to various strategy and approach collectively known as debt management.

Debt management includes but not limited to the systematic approach in paying off an outstanding debt. Some financial writers have linked debt management to formal agreement between the creditor and debtor which is enforceable by the law. In layman’s perspective, debt management involves the paying of maturing obligations while considering cash flows, income, expenses, interest, surcharges, and other fees.
One of main goals of debt management is to eliminate debts in the soonest possible time with the least cost of borrowing or interest expense. There are many approaches in effective debt management which I will include on my future posts devoted solely on the strategies and approaches.

Many shun and disregard effective management debts which caused massive complicated problems later like unpaid interest, surcharges, and fees. The first debt to embark on the solution is the AWARENESS and ACCEPTANCE that there is a problem on debt. Upon acceptance, the debtor must have the willpower to take actions and devised strategies to pay-off everything, and above all he must develop the discipline to stick on his plan.


Debt, Debt Consolidation, Debt Management, Finance, Financial Freedom, Personal Finance

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author avatar Marcus Writes
I write to express and not to impress. Writing is my ultimate passion;the blood which runs through my veins. Visit me at

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author avatar Carol Roach
25th Feb 2015 (#)

yes debt is a big problem in our society

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