 TITLE: Should I Save or Pay Off Debt? CONTENT: How to Pay Off Debt\n-------------------\nTo get out of debt, focus on eliminating your costliest debts first. That likely sounds easier said than done. Here's how to see where you stand, then attack your debt strategically:\n1.  Take a deep breath and honestly assess what you owe. If you're not sure, check your credit report, which will show your outstanding balances. Make a list of your various types of debt, their amounts and their interest rates, which you can find on your account statements.\n2.  Prioritize paying off the highest-interest debt first. Credit cards, personal loans and payday loans should be at the top of the list. Private student loans with high interest may also be a priority for you.\n3.  Consider using a balance transfer credit card or debt consolidation loan to reduce your interest rates and combine multiple debts into one, making them easier to pay off. You can also look into refinancing private student loans to a lower interest rate. (If you refinance federal student loans, you'll lose access to protections like income-driven repayment and long periods of payment postponement.)\n4.  You may also be able to reduce the monthly payment on some debt if you need a strategy that will make them more affordable in the long term. Federal student loans come with income-driven repayment plans, for instance, that tie your payments to income. Payments can be $0 if you have no earnings.\n5.  To free up more money for debt payments, consider adding to your income. You could sell unused clothes, rent out a spare room on Airbnb, or ask for a raise and send any additional earnings toward the debt.\nIf you're feeling overwhelmed or need help making a plan to get debt-free, a nonprofit credit counselor can take a look at your situation and offer solutions. You can get a free consultation through credit counseling agencies certified through the National Foundation for Credit Counseling. See \"How to Get Out of Debt\" for more payoff advice. END