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Debt management is a topic most people will have to deal with at some point.  Debt is acquired by not living within your means.  Living within your means is simply that you do not spend more than you make.  Debt management is controling and managing debt responsibly. To reduce or eliminate debt and create a cash flow that keeps you out of debt is debt management.  To completely control your debt you need to make a budget, reduce expenses and focus on paying debt. This is the essence of debt management.