What not to do when paying off debt

Knowing what not to do is just as important as knowing what to do when it comes to paying off debt. Andrii Yalanskyi/Getty Images

Debt levels in the U.S. are climbing higher than ever, and the strain is being felt across millions of households. Borrowers are carrying larger balances overall in terms of their debt loads, and credit card debt has been rising steadily alongside other types of consumer borrowing. That means more Americans are juggling a lot of high-rate debt at a time when the average credit card interest rate remains near record highs, making even modest balances costly to carry.

Faced with these realities, many people are working hard to pay down their debt balances. But here's the thing about debt payoff: Good intentions aren't enough. Even the most motivate