How to manage your debts?

At any point of a time of anyone’s life, there bound to debts to that person. I guessed anybody would be in that state at one or another. I have the same problem as well. Well, that’s not exactly the main point. The point is debt management - how you manage your debts so that you are out of it?

I’ve touched about IVA some time back, where you voluntarily go into agreement to settle your debts. It’s not exactly bankruptcy - you still maintain your bank accounts under IVA. What you’ll need to do is agree on a sum of payment you can afford every month, and just keep paying that for 60 months. The IVA would take care of the rest.

Some people may want to do a consolidation loan so that they only need to worry about paying only one loan - as you have consolidated all your loans into one place.

So, what’s your thought?