Can paying off debt too aggressively hurt your finances? Here’s when it may make sense to slow down.

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Updated on: October 7, 2026 / 12:23 PM EDT / CBS News

There are plenty of reasons to want to get rid of your revolving debt quickly, especially if you're a borrower who's carrying a balance from one month to the next in today's economy. Not only have household budgets spent the last several years absorbing higher prices, but today's high rates mean that credit card balances and other monthly obligations are likely claiming a larger share of each paycheck, too. In this environment, eliminating a recurring debt payment can provide some breathing room in the budget.

That, in turn, can make an aggressive debt payoff strategy particularly appealing in today's economic landscape. Putting every available dollar toward a credit card or personal loan balance can accelerate progress and reduce what you ultimately pay in interest, after all. However, there can also be a downside to pushing the repayment timeline too hard, particularly when that money is needed elsewhere in the budget.

And, it's important to acknowledge that getting out of debt is only one part of maintaining healthy finances.

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