debt management
/dɛt ˈmænɪdʒmənt/ · debt.man.a.ge.ment
noun
- The process of handling and settling debts, typically through negotiation or restructuring with creditors. The financial advisor helped the couple with debt management, creating a plan to pay off their outstanding loans.
noun
- A system or service that assists individuals or businesses in managing their debts, often providing budgeting tools and credit counseling. The company offered a debt management program to help customers get back on track with their payments.
verb
- To handle or settle debts, typically through negotiation or restructuring with creditors. The bank helped the business debt manage its outstanding loans by restructuring the payments.
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Did you know? The concept of debt management has been around for centuries, with ancient civilizations such as the Babylonians and Egyptians using various methods to settle debts and manage finances.