Doing debt management is a very difficult job. Nevertheless it must be done. If you can’t do debt management on your own, then you should employ a financial advisor to help you manage your debts. All debts have a due date by which the interest payments must be made. Therefore you should write down the dates on which they fall due.
Say your mortgage payment is due for $500 on 15th and the car loan interest payment for $300 is due on 17th. This means that mid month all your interest payments are due. Therefore you should stop making any payment or expenses mid month. This is to ensure that you can make the payment of $800 mid month.
Postpone your expenses till after the 17th. In his way you would be able to manage your debts as well as manage your expenses. Otherwise you would be taking more debts to repay the debt payments that you may currently need to make. Open a separate account if you must for your debt payments. Transfer the interest payments to this account. This way you would be able to make the payments without missing.
Another way of debt management is to give standing instructions to debit your account with the interest payments. In this way, the bank will automatically debit your account. Thus you wouldn’t miss any payments.
Debt management can be complicated if you allow debt to become out of control. It can control your life and will ruin it if you don't manage your debt wisely and effectively. Become aware of the many strategies available and use them in all of your finacial decisions.