As a good rule-of-thumb, tackle the debt with the highest interest rate first. This is also called the debt avalanche method. After that’s paid, you shift to the debt with the next highest interest rate and so on. It’s a highly efficient way to pay down debt.

If that doesn’t work for you and you have many smaller debts you want to get out of the way, paying those off first may give you the momentum and focus you need to handle the larger debt. This is also called the debt snowball method.

Interested in supercharging your debt repayment plan? Scotia Advice+ has tips to help you reduce your interest costs and modify your payments to get out of debt faster. Read our feature on debt repayment