 TITLE: Credit Cards vs. Loans: Which Should You Pay Off First? CONTENT: Similar to the credit card payoff process, the best approach with installment loans is generally to focus on loans with the highest interest rates or APRs. In practice, that often means concentrating on car loans over mortgages, for example, and private student loans if they have higher rates than your federal student loans. In addition, because mortgages tend to be very large, long-term loans of up to 30 years, paying this loan off quickly might simply be unrealistic compared with paying off other, smaller installment loans over a relatively short time period.\nJust like you did for credit cards, list your loan balances, APRs, monthly payments and due dates to get yourself organized. With any extra money you can spare—potentially from increasing your income or cutting back on expenses—make extra payments toward the loan with the highest interest rate first.\nYou can also consider strategies to lower your loans' interest rates or monthly payments. That way, you can send more money to your bills and get out of debt more quickly. Here are some options:\n*   Refinance your mortgage to a lower interest rate, if you qualify for one, and put the savings toward other debts with higher interest.\n*   Refinance your student loans, which is a particularly smart strategy if you have high-interest private loans. Refinancing federal student loans isn't as safe a bet: You'll lose the ability to lower your monthly payments to a portion of your income and you'll forfeit access to potentially useful forgiveness programs.\n*   Opt for a debt consolidation loan, which allows you to roll multiple debts into a single personal loan with a fixed monthly payment. For debt consolidation to work, the interest rate you qualify for must be lower than the average rate of your current debts.\nTo make sure you can keep up with your loan payments, make a budget. You can do it yourself with a traditional spreadsheet or use one of the many free budgeting apps available online. Set up autopay on all your loan bills, either for the minimum payment or a larger amount if your lender allows for it. END