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The solution to your question is relatively straightforward. Simply calculate where you receive the greatest return, or NPV. You can factor in probabilities for the market's recovery and in fact run a series of scenarios to help you decide. Also remember to include your tax savings from losses on your investments and sell the dogs first. Without doing the math though, it is my humble opinion that if you are carrying high interest debt (>9.99%) then pay it off. You can also try to roll-over the debt into a lower interest vehicle, say a home equity loan or even low interest creidt cards. The latter usually carry these low rates for only an introductory period so be prepared to roll them again.
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