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Managing Debt


Unfortunately, there is no quick fix to getting out of debt. The key to living debt-free is to spend less than you earn and, whenever possible, save for emergencies.

Even if you are making credit card payments every month and on time, getting out of debt can be a long and arduous process. The Federal Reserve offers a credit card repayment calculator to help demonstrate how long it would take you to pay off your credit card debt at your current interest rate. Explore how much difference paying more than the minimum payment can make in terms of saving time and money.

Credit Counseling. If you are struggling to get control of you finances or would just like to ask for advice contact a licensed credit counselor but choose your credit counselor carefully. There are many reputable credit counseling services out there, but there are also bad actors who take advantage of their clients by charging excessive fees and leading them further into debt. Find a credit counselor in your area by visiting the U.S. DOJ website.

In Oregon, debt management service providers perform these and related services including debt settlement, some loan modification activities, credit repair, debt proration and other financial education programs. If you are interested in seeking these types of services, research and review debt management service providers online with the Division of Finance and Corporate Securites.

Be Informed is an online tool for consumer to search DOJ’s database of consumer complaints to see if other people have contacted our consumer hotline with concerns about a business before they do business with them.

If you experience a problem with a credit counselor or debt management service provider or have questions about related issues, contact the Attorney General’s Consumer Hotline at 1-877-877-9392 from 8:30 a.m. to 4:30 p.m., or complete an online Consumer Complaint Form anytime.

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