Prioritise Your Debts - Debt Management Guide

Some debts are more important to pay off than other because they have consequences attached it you do not pay them off quickly. This does not mean you should not pay them all off, because it is important to get rid of all your debts so you have money in the future to be able to buy luxuries. Now we will review which debts should have higher priority.

• Mortgage & Rent payments are very important. Failure to pay can lead to loss of your home, which is the last thing you want. Also utility bills such as gas, electricity and water are very important because if you do not pay them the utility companies may cut off your supply.
  
  
• Next is loans for important household items and hire purchase debts are important because if you have paid off less than a third of the cost they can be repossessed without a court order.
  
  
• Least important to pay off quickly are loans for holidays and unessential luxury items such as cd players and computer add-ons such as scanners and digital cameras. Also least important are credit card bills. Remember that these need to be paid off still or you will not get credit in future.

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