Ashley Temer is a Financial Representative with Northwestern Mutual who helps professionals, families, and business owners plan for financial security. She’s here for your “Money Minute.”
Temer advises to first make a list of all your debts including credit card balances, medical bills, personal, auto or home loans, and mortgages. She also says while you should always make the minimum monthly payments on all of your debts, some debts should be paid down more aggressively than others
She also advises to not pay off your debt with your emergency fund. If you manage to pay off all your debt but then have very little cash in the bank, this could end up backfiring on you.