Save up for emergencies
While you may not know it, you could be one missed paycheck away from permanently irreversible debt. There are many people who are forced to go into debt because of unexpected scenarios. Emergencies can occur to anyone at any time, and it is important that you are able to address them when they do. Without an emergency fund, you may be forced to take up loan debt to cover the costs of your needs. If you have an emergency fund, you could even develop a culture of saving and improve your ability to be financially free.
Say no to any more debt
You should avoid taking up any more debt if you already owe some amount of money. In fact, debt can be bad for you even if you have no prior history with debt collection. If you fail to make your payments, you could affect your credit history and reduce the range of financial options available to you. You may also be stuck in a cycle of unending debt. It is important that you avoid any new source of debt.