When you’re overwhelmed by debt, it can be tempting to throw any spare money at your payments. A bonus from work, money from your self-care budget, $10 you found on the sidewalk — anything and everything goes toward paying off your debt as quickly as possible.
A 2026 study by Accredited Debt Relief and Money.com surveyed 2,000 U.S. adults who reported having debt in the last year. When asked how they were chipping away at their debt, 40% said they had cut back on discretionary spending, 39% paid more than the minimum due, and 23% withdrew money from savings.
Working to become debt-free is an admirable goal, and putting every dollar you have toward repayment can seem like a smart move. But there are…