Ideally, you will take steps to both build an emergency savings fund and pay down your debt as soon as possible. However, it is important to note that not all debts are created equal. In most cases, it is better to focus on paying off lenders in Florida or elsewhere that charge the most for the right to borrow their money.

Pay down your credit card balances first

If you can, put extra money left over at the end of the month toward your credit card debt. This is because your credit card balances have higher interest rates than your student loan balances. In the event that you have multiple credit card balances, it may be best to start by paying off the lowest balance first. While you may pay more in interest, eliminating that first balance can give you the motivation to get rid of the others.

Consider a balance transfer

A balance transfer may allow you to put your existing balances on one card that doesn’t charge any interest for up to 21 months. To qualify for a balance transfer credit card, you will likely need a credit score of at least 670. However, there is no harm in shopping around for a lower rate even if your score is lower than that. Ideally, you will pay everything you owe during the promotional period. If not, you will have to start paying interest again, which can make it harder to eliminate the debt in a timely manner.

Don’t charge more than you can afford to repay

Once you pay down your existing credit card balances, it is important not to go back into debt. Instead, make sure that you only make purchases that you can pay off in full by the end of the next billing cycle.

If you are struggling to pay off credit card debt, it may be possible to eliminate some or all of it by filing for bankruptcy. An attorney may explain how to file for bankruptcy as well as the potential benefits of doing so.