Debt management usually involves working with a credit counseling agency that seeks to lower interest rates on your existing loans and credit card debts. Debt consolidation, on the other hand, usually means taking out a large loan from a creditor to cover the balance of all your existing loans and credit card debts.
It should also be noted that debt settlement is often referred to as debt consolidation, but that is not an accurate description of what happens when you settle debt for less than what you owe after having been late with your payments.
