"Which debt do I pay off first?"

Truth is that some types of debts are better than others. Here my recommended order in which to get out of debt:

1) Credit Cards

2) Financed toys (Motorcycles, ATVs, Jet Skis, etc.)

3) Auto Loans

4) Student Loans

5) Mortgages

Here are the reasons why:

1) Credit card Rates are UGLY at 27.94% on average and they adjust. When was the last time you looked at yours? 30% of your credit score is determined by your utilization of revolving debt. The higher the balance you carry on your cards, the lower your credit score will be.

2) Financed Toys are financed at a rate of 9-12%

3) Auto Loan rates are usually 6.8 - 9.3%

4) Student loan rates are 5.5 -8.05% and Student Loan Debt is tax Deductible up to $2,500/year Student loans are “Installment debt” that have a fixed payment and term.

5) Mortgages. 80% Americans have a mortgage rate below 5%. The interest you pay on a mortgage is tax deductible.