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I am always in favour of paying down your debt. As long as you are already investing the amount you wish elsewhere. Here in Canada we have RRSP's and I believe the tax credit agent in the US is called a 401k. As long as you are maximizing your allowable limit in these shelters. And you are also investing some money every month in a growth investment, (something on top of retirement, I call it the get rich fund) then your next responsibility is paying down debt. This is an automatic tax shelter and you are no longer paying out interest. It is a guaranteed, tax free investment.

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