There are several ways that individuals and organizations can effectively manage debt and credit:

1. Make a budget: Budgeting is the cornerstone of effective debt and credit management. By creating a budget, you can keep track of your expenses, and make sure that you don’t overspend.

2. Prioritize high-interest debt: If you have multiple debts, prioritize the ones with the highest interest rates. Paying off high-interest debt first will save you money in the long run.

3. Avoid unnecessary expenses: Try to cut back on unnecessary expenses to reduce your debt. This could mean things like eating out less, using public transport instead of driving, or canceling subscription services.

4. Pay on time: Late payments can damage your credit score and increase your interest rates. Make sure to pay your bills on time to avoid late fees and penalties.

5. Monitor your credit score: Regularly check your credit score to make sure that there are no errors or fraudulent activity. A good credit score can help you get better interest rates and loan terms.

6. Seek professional help: If you are struggling with debt, consider seeking professional help, such as a credit counselor or financial advisor. They can help you create a debt repayment plan and provide advice on how to manage your finances.