Same issue here. I have made extra holes between existing holes and this works fine, doesn't really ruin the leather, but I admit aesthetically, it's not great. I also tried shortening the belt at the buckle, but sometimes, if you use the same belt on different pants which sit at different heights at your waist, then the same issue occurs.
In the end, I made my own simple belts and punched 3 holes more closely spaced than the typical 1 inch spacing so that it can be adjusted to a better fit.






