How to make a debt payoff plan that actually fits your monthly budget

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October 19, 2026 / 11:03 AM EDT / CBS News

Paying off debt is supposed to improve your financial situation, but for many Americans, the process itself has become another source of financial strain in today's tough economic landscape. Between the issues with elevated borrowing costs, expensive everyday necessities and monthly bills that leave little room for error, finding extra money to put toward debt can feel increasingly difficult right now. And, even the borrowers who have made significant spending cuts aren't necessarily seeing the progress they expected.

In fact, a recent survey from Freedom Debt Relief illustrates just how widespread that frustration has become. Of the 1,800 Americans surveyed who are carrying at least $10,000 in unsecured debt, 28% report being able to afford only their minimum payments, while another 20% say they are behind on at least one account. Meanwhile, 41% have stopped dining out or ordering delivery, and 40% have eliminated nonessential online shopping. Despite those sacrifices, many respondents are still struggling to get ahead.

That disconnect raises an important question for borrowers trying to regain control…

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