How To Pay Off Debt: Prioritize Your Spending Needs And Your Debt Payments

Being in debt is a scary situation, and it can seem overwhelming to try to get a handle on where your money should go. If you're making an effort to pay off debt, you need to evaluate your mortgage payments, insurance premiums, utility bills, and other spending to see which are most important. 

The credit experts at Equifax have put together a great post on budgeting and prioritizing when you're in debt. Their first piece of advice: Your mortgage payment is always your #1 priority. A family needs a safe place to live, and late mortgage payments will catch up with you down the road. 

After that, you can begin ranking your other obligations: utility bills, insurance premiums, food, gas, clothing, cable TV, phone service, etc. To read their advice on how to cut your spending and pay down debt, check out the full blog here: http://credit.equifax.com/2011/02/how-to-pay-off-your-debt-prioritize.html So what are your priorities? Where would you find extra room in your budget to pay off debt? 

Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blog and CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investor