The avalanche method (highest interest first) is mathematically optimal as it minimizes the total interest you'll pay. The snowball method (smallest balance first) can be psychologically motivating as you see debts eliminated quickly. Choose based on your personality and financial goals.

As a general rule, if your debt's interest rate is higher than what you might earn from investments, prioritize debt repayment. For high-interest debt (above 8-10%), paying it off usually provides a better "return" than most investments. For low-interest debt, you might consider balancing both.

Strategies to pay off debt faster include:

• Increasing your income through side jobs or selling unused items
• Reducing expenses and allocating the savings to debt payments
• Using windfalls like bonuses or tax refunds to make lump-sum payments
• Considering debt consolidation if you can secure a lower interest rate
• Stopping any new borrowing while paying off existing debts

Lenders generally prefer a debt-to-income ratio (DTI) below 36%, with no more than 28% of that debt going toward servicing your mortgage. To calculate your DTI, add up all your monthly debt payments and divide them by your gross monthly income. A DTI above 43% is typically considered high risk.

It's generally not recommended to completely drain your emergency fund to pay off debt. Maintaining 3-6 months of basic living expenses in savings protects you from going further into debt when unexpected expenses arise. You might consider using a portion of excess savings beyond this emergency fund to accelerate debt repayment.