
Debt management is not a one-size-fits-all solution but rather an amalgamation of choices you can make to best pay off your outstanding debts. If you have a large amount of debt, whether it's "good debt" like a mortgage or student loans, or other debts like credit card debt, it can impact your credit scores depending on how well you manage the debt. Whatever your reason for wanting to reduce what you owe, like enhancing your credit history before applying for a mortgage or loan, success starts with building a strategy that will move you forward. Creating debt management plans, debt reduction strategies, or seeking the help of a credit counselor are all viable ways to help with your debt management. However, seeking the best solution depends on your unique situation, along with the type and amount of debt you owe. Other debt reduction strategies include short-term and long-term strategies to help better manage the amount of debt you owe, so you can plan ahead while still taking your lifestyle into account. Meanwhile, credit counseling is when a person or team sets you up with a budget and teaches you money management skills while creating a plan for helping eliminate your debts. However, one should look out for credit counseling scams, which could put you deeper in debt.


What Are the Different kinds of Debt?
You may think that all debt is the same, but loans and other debts can have different impacts on your credit scores.

[Video] What Is a Credit Utilization Ratio?
Your credit utilization ratio is a factor in calculating your credit scores. Learn more about credit utilization and how it can impact your credit.

What Is Wage Garnishment?
A wage garnishment is when money is withheld from an employee’s earnings to pay back debt. Learn about garnished wages and what to do if it happens to you.

What Is a Debt Consolidation Loan? Does Debt Consolidation Hurt Your Credit?
When considering debt consolidation, it's good to know how this repayment strategy might impact your credit. At Equifax, we cover why debt consolidation may be a good idea, including the pros and cons.

What Can a Debt Collection Agency Do?
Collection agencies are used by creditors and lenders to collect funds that are past due or in default. Learn more about your rights and what collection agencies can and cannot do.

You Ask, Equifax Answers: How Can I Stay in Good Standing with Lenders and Creditors?
What can you do to make sure that you stay in good standing with your lenders and creditors?

Avoiding 'Credit Repair' Scams
"Credit repair" companies may sound tempting. But the truth is, there is no such thing as a "quick fix" when it comes to your credit. Learn how to recognize legitimate credit counseling organizations vs. scams.

[Video] How Can I Prioritize My Debt Payments?
Try these two strategies if you’re juggling multiple debts and unsure how to get started on repayment.

[Video] How to Negotiate with Lenders
If you’re having trouble keeping up with your bills during the Covid-19 pandemic, your lenders may be more willing to work with you than you think.

What to Know About Debt Sold to Collection Agencies
If you've got a debt in collections or one you think might be headed that way, here are a few things to keep in mind.

Paying Bills: Help in Catching up When You’ve Fallen Behind
Steps to help catch up when you’ve fallen behind on bills. Here are strategies to help you recover if you find yourself behind on your bills.