Some common pitfalls can derail your debt payoff progress and cost you substantially during the process. Sviatlana Zyhmantovich/Getty Images

Paying off debt can feel a lot like a balancing act that you can't quite get right. On one hand, it makes sense to try and chip away at what you owe as quickly as possible. On the other hand, life doesn't hit pause just because you need to focus on your credit card and loan balances. Emergencies still pop up, bills keep coming and unexpected expenses find their way into the mix. That can make it tempting to try shortcuts or quick fixes for getting rid of debt , especially when the progress feels slow.

But the way you approach your debt payoff plan often matters just as much as, if not more than, the amount you pay on it. While certain

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