 For those with good credit scores and are able to curb their spending, a balanced transfer to a lower interest rate credit card could be worth a try. For an effective debt management and payment plan, you need to have a budget, including an idea how much you can afford to pay against the debt. Don't be afraid to reach out to creditors to seek their help to pay down your debt. If you're in a bind, unemployed or injured, for example, they might be willing to reduce your interest rate. The time to ask for help is before the situation spirals out of control.