How to deal with debt when you’ve already cut back everywhere

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September 21, 2026 / 4:00 PM EDT / CBS News

When credit card and other high-rate debt starts consuming too much of your monthly income, cutting expenses from your budget is often the first line of defense. You may opt to cancel the subscriptions you barely use or eat at home more often, or you may decide to put off certain purchases. In fact, many people with debt say they have already cut back on discretionary spending and are now trimming necessities, according to a new study from Accredited Debt Relief. Among respondents, 35% cut back on groceries and 42% cut clothing or personal care spending.

Still, there's a limit to how far that cost-cutting strategy can take you. Housing, utilities, groceries, transportation and other necessities have to be paid for, and after several rounds of cutbacks, there may simply be nothing meaningful left to trim from the budget. As the high interest charges tied to your unpaid debt continue adding to what you owe, it can be difficult to make much progress — even if you're consistently putting money…

Original source: https://www.cbsnews.com/moneywatch/