Code and design debt, test debt, and documentation debt are some of the prominent contributors of the technical debt metaphor in a software product. Increasing technical debt in a software system not only impacts the productivity of the team but also compromises the external product quality. However, identifying and resolving issues pertaining to technical debt often take back seat since development teams and their management prefers to develop a few new features in the software rather than refactor it to repay technical debt. The talk emphasizes on the pragmatism to technical debt management. It brings out the best practices associated with processes as well as practices and discusses pragmatic strategies to manage issues related to technical debt.