Managing debt effectively is crucial for maintaining financial health. Here are some strategies:
Prioritize High-Interest Debt: Focus on paying off high-interest debt first to reduce the overall cost of borrowing. Consolidate Debt: Combining multiple debts into a single loan with a lower interest rate can simplify payments and reduce costs. Create a Repayment Plan: Develop a realistic repayment plan that fits within your budget and stick to it. Avoid Unnecessary Debt: Only take on debt that is essential for the growth and sustainability of your business.