How can I prevent debt from getting worse?

The best way to prevent debt from getting worse is to manage it, and make sure that you don’t borrow more than you can afford to pay back. It is also important to try and track your spending and not overspend. You can start by creating a budget to help track your spending and prioritize your expenses. This will allow you to focus on paying off debt, and prevent incurring more. Oregon has debt relief laws to help consumers manage debt in a number of ways. One way is to negotiate a debt settlement with creditors. This is a negotiation process where creditors accept a lower payoff amount, due to financial hardship. Another way is to consider a debt consolidation program, which combines multiple debts into one loan with a lower interest rate. Debt consolidation can reduce monthly payments and help consumers more easily manage their debt. In addition to the debt relief options available through Oregon law, there are a number of other steps you can take to prevent debt from getting worse. Try to avoid making late payments or missing payments altogether. Make sure to pay your bills on time and in full when possible. If your budget is stretched too thin, consider finding additional sources of income to pay off your debt. Lastly, if your debt is too overwhelming, reach out to a credit counselor who can help you create a budget and manage your debt repayment plan.

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How can I prevent debt from getting worse?

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