Order of Importance? › Budget101 Discussion List Archives › Budget101 Discussion List › Order of Importance?This topic has 6 replies, 1 voice, and was last updated April 7, 2008 at 8:47 pm by Guest.Viewing 0 reply threadsAuthorPosts April 7, 2008 at 8:47 pm #257136 GuestWhat if you have a large amount of debt, yet have $20,000 in retirement. Should you take out the money from a 401K to pay off the debt?Stephanie wrote: Is there a general rule of thumb about what debt should be paid off in what order? And where do long-term goals fit in?For example, if you have: debt: credit cards, home loan, auto loan long-term goals: college fund(s), retirement fund, emergency fundAssume your credit card interest rate is larger than your mortgage interest rate.And assume you can only put money in one at a time (a tad unrealistic I know, but for the sake of argument let’s assume you don’t have enough to do all at once).How would you order, from “Pay off or Invest in First” to “Pay Off Last or Invest in Last”?Thanks for playing! Stephanie Kristin Streamwood-Barrington and BodeAuthorPostsViewing 0 reply threadsYou must be logged in to reply to this topic.Log In Username: Password: Keep me signed in Log In › Budget101 Discussion List Archives › Budget101 Discussion List › Order of Importance?