What is technical debt and how do you manage it?

Technical debt is the implied cost of additional rework caused by choosing quick solutions over better approaches. Types: deliberate (consciously taking shortcuts), accidental (unknowingly making poor choices), bit rot (outdated dependencies, practices). Management: track in backlog, allocate time each sprint (20% rule), refactor incrementally, prevent with code reviews and standards. Like financial debt, it accumulates interest - small debts become large problems. Balance speed with maintainability.