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Managing numerous debts, when you hear it, seems like a Herculean task. But it is not. It is in fact easy to do it once you find out about the numerous programs that are dedicated to this purpose. Their common goal is to help you undo the shackles that your unpaid debts have probably placed upon you. They exist under a single banner- debt management.

Debt management is a program that can make repayment of your multiple debts an easier process. It functions in a simple way. All the debts that you have are merged into a single one. These may be credit card debts, huge unpaid bills or unpaid personal loans. This new consolidated debt can be paid off at an interest rate which is lower than you original rates. Now that you have a single debt, you can make a single payment to a singe creditor who will distribute it among your other creditors.

Through debt management, you get to avail advantages like these:

* A more manageable repayment method * Lesser overall payment * Some money can also be saved for use in other purposes.

Debt management can be easily achieved with the expert help of debt management agencies. Apart from the usual features, you also get valuable guidance as to how to manage your personal finance and regulate your expenditures so that you don't have to fall into debts again in future.

Debt management can also be achieved through the following forms, depending upon the seriousness of your debt status:

Debt consolidation: when your total debt crosses 5000 and you owe to two or more creditors. All you debts will be consolidated and a loan will be given to help you pay off the consolidated debt. Debt negotiation: when you cannot make the minimum payments. Your total debt amount is substantially reduced, sometimes by half. Debt elimination: when the only other option remaining is bankruptcy. Interest rates are reduced on all debts except one which can be paid off with the extra money saved from the other reduced payments.

Debt management, no matter which option you go for, certainly frees you off your debts.