Debt management is any proactive management strategy focused on eliminating debt. Debt management can be as simple as sticking to a reasonable budget or can be as formal as a defined Debt Management Plan. The critical aspect of debt management is that the process be a proactive and realistic approach to keeping debt under control. The best approach to debt management depends upon the individual. If you can make a budget and stick to it-even when the going gets rough-then you can probably manage debt by yourself. If you’re on your fifth budget of the year and the entertainment-and-junk-food line item is already grossly out of whack, it’s probably time to consult a debt counselor.