Deciding to pay off all of your debts is one of the most important steps in controlling your finances. However, you should prioritize your debts in order of importance. Debts don’t all grow at the same rate, and going into default can have widely varying consequences. Paying the wrong debt at the wrong time can make you worse off than when you started, because penalties and interest can accrue on other debts. In this article, you will find information to help you prioritize debt.