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You may want to calculate how you would make the most money from your $700 a month. You may want to compare the interest rates on your debt against what you expect to earn on retirement investing (of course the retirement investing gets tax breaks). I have seen some recommend that you pay down high interest (credit cards) debt but shift the money towards retirement investing for lower interest, fixed-rate loans (e.g. house, car).

But this is just the rational side of the argument. How you would feel about each choice is very important, too.
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