Loans For Vacations and Paying Off Loans

What is the order of priority of paying off loans or other debt?

You want to make a list of all debts that you currently have, what the interest rate is on each of these obligations, and what the monthly payment is. Give highest priority to the debt that is carrying the highest interest rate and highest monthly payment. Give higher priority to debts like credit cards with no tax advantages, than to debts ike mortgages, as there are tax advantages to having the mortgage.

Everyone could use a good vacation now and then, but taking out a loan to pay for a trip is almost never a good idea.


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