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Oregon is a state of diverse landscapes and immense natural beauty. From the time of the Oregon Trail, it has attracted fiercely individualistic residents with a bent towards entrepreneurialism and a strong liking to the outdoors. Few states offer a similar combination of mild climate, natural beauty and solid opportunities for those willing to work.

Oregon’s economy is highly diverse and has proven resilient, even in the face of the recent downturns of 2001 and 2008. Unknown to many, it is one of the leading states for the tech sector. Known as the Silicon Forest, the region hosts some of the biggest names in technology, such as Intel, Tektronix and Genentec. Due to its cool climate, it is also a popular destination for major companies such as Google to place their data centers, as it reduces cooling costs from the warmer climes of California.

Oregon has historically been one of the largest producers of timber. But in recent decades, that industry has seen a steep decline. However, it’s still an important part of the state’s economy and it continues to supply a large portion of lumber, paper and pulp products to the country.

Oregon has a respectably low unemployment rate of about 4.5%. It sits around the middle of states, when ranked by bankruptcy rates. It also has relatively lenient bankruptcy laws. Overall, the economic picture for the state is a good one.

Yet, like everywhere else in the United States, many of Oregon’s residents continue to struggle, living paycheck to paycheck and often existing one missed payment away from being out on the streets. When difficult times hit, it can be extremely tempting to throw one’s hands in the air and give up, declaring Chapter 7 bankruptcy. However, very often, bankruptcy is not the best choice.

Debt settlement can help those Oregonians who still have some level of income but whose debts have spiraled out of control. Utilizing good debt settlement companies can frequently result in significant reductions in the principal owed, leading the way to a speedy and permanent exit from debt’s stranglehold.

In Oregon, many people can benefit tremendously from debt settlement

When the collection agencies come knocking, there are a few main strategies that people can use to handle debt that they’ve determined, for one reason or another, that they cannot pay.

The first is to do nothing. Few financial counselors will recommend this route. However, it has some serious merits. Even though it would cause most corporations and debt collection agencies to fly into hysterics at the very sound of someone uttering these words, debts which are less than $1000 are extremely unlikely to be collected through hard collection measures. By hard collection measures, we’re talking about things like filing lawsuits, liens and getting default judgments. Here’s another secret, after a while, collection agencies will just give up. Your mileage may vary, but collection agencies won’t spend infinite resources chasing $300. The downside to doing nothing is that it will be reflected on your credit score. But here’s another thing they don’t like to tell you, repairing credit scores is not that difficult if you really want to. So don’t tell anyone we told you this, but, with debts less than $1000, well, you don’t really have to pay them.

But what if we’re talking about real money? Here’s where it gets tricky. If you owe anything more than $1,500 or so, you’re running a high risk of the creditor going after you. And if you have assets, savings or taxable income, that’s real bad news. For debts in the $5,000-and-up range, you can just assume that it’s guaranteed that they’ll come after you with everything they’ve got. Doing nothing is not an option.

You could go with debt consolidation, but that requires having serious cash flow to be able to pay off the debts. And if you had serious cash flow, you probably wouldn’t be in this predicament in the first place. Luckily, there’s another solution.

Debt settlement can allow you to radically reduce the principal amount owed, just like in a bankruptcy. But it also allows you to maintain at least part of your credit rating and to avoid having a bankruptcy on your credit history. Even one bankruptcy will affect you for the rest of your life. Many jobs won’t hire people who have demonstrated that they have welched on debts. And you can forget about getting a mortgage, auto loan or any kind of small business financing for at least ten years. Donald Trump’s example notwithstanding, you probably won’t be serving on any executive boards during that time either.

And one of the worst aspects of bankruptcy is having to face the creditors who you stiffed at the grocery store, the health club and the school play. Debt settlement can avoid all these pitfalls. With the right company, debt settlement can have you back to 100% in a couple of years, like nothing ever happened.