Either due to poor financial decisions, unexpected medical costs, or other occurrences, debt can add up fast for many people. At some point, the issue may seem insurmountable and even cause a great deal of mental distress. Fortunately, there are a number of effective ways to manage your debt and prevent the situation from getting even more out of hand. The Balance explains the following debt management methods so you can look forward to a brighter financial future.

Strive for the minimum payment

It’s usually recommended that you pay more than the minimum, as this will keep interest costs low. It will also help you pay off your debt at a faster rate, which has a positive impact on your credit score. However, paying more than the minimum might not always be possible when money is tight. Making at least the minimum payment is crucial, as it will prevent you from racking costly added fees and penalties.

Put aside as much money as possible

Many people get into trouble with debt because they lack savings. Having savings put aside for emergencies, such as a vehicle repair, can prevent further financial strife from occurring. While putting money aside to pay your bills, also devote some of your income for savings. Even a small emergency fund can make a huge difference to your financial state.

Accept that help is necessary

At a certain point, you might require outside help to get a handle on your debt. In this case, bankruptcy can be a good option for many. While filing for bankruptcy will negatively impact your credit score, so will failing to pay your bills and having them go into default. If you’re considering bankruptcy as a solution to your debt, speaking with an attorney is highly recommended to ensure you’re making the right choice for your situation.