Debt comes in many forms including credit cards, family loans, or lines of credit, each with its own terms and interest rates.
After making each of the required minimum payments , which one should you put extra money towards?
Here are three strategies to help you decide which to pay off first:

(1) Mathematical Approach

Focus on the debt with the highest interest rate first .
This saves you the most money over time. Once it's paid off, move to the next highest interest rate.

(2) Snowball Method

List your debts by balance size.
Pay off the smallest balance first to build confidence and momentum, then move to the next smallest.
Your motivation grows with each one and enables you to work harder and roll into the larger ones.

(3) Weight-Based Approach

Prioritize the debt that feels heaviest and causes you the most stress .
This may not be the most expensive or the largest, but it's the one that keeps you up at night.
Perhaps a loan from a family member who you can't face until it's paid back....

Conclusion

There's no one-size-fits-all method but it's important to choose A method.
Pick a strategy and stick with it. Having a plan to follow will make you more effective in paying down your debts.

P.S. You can't start paying off debt until you have extra money in your budget. If you need help creating a money plan, click here for a free 15-minute intro call with a financial coach. https://calendly.com/money-muse-calls