A finite-size quasi-two-dimensional Bose-Einstein condensate collapses if the attraction between atoms is sufficiently strong. Here we present a theory of collapse for condensates with the interatomic attraction and spin-orbit coupling. We consider two realizations of spin-orbit coupling: the axial Rashba coupling and the balanced, effectively one-dimensional Rashba-Dresselhaus one. In both cases spin-dependent “anomalous” velocity, proportional to the spin-orbit-coupling strength, plays a crucial role. For the Rashba coupling, this velocity forms a centrifugal component in the density flux opposite to that arising due to the attraction between particles and prevents the collapse at a sufficiently strong coupling. For the balanced Rashba-Dresselhaus coupling, the spin-dependent velocity can spatially split the initial state in one dimension and form spin-projected wave packets, reducing the total condensate density. Depending on the spin-orbit-coupling strength, interatomic attraction, and initial state, this splitting either prevents the collapse or modifies the collapse process. These results show that the collapse can be controlled by a spin-orbit coupling, thus extending the domain of existence of condensates of attracting atoms.