If you want to prosper financially, there are plenty of debts that you will want to wipe out. The most obvious are those where you are paying high interest and penalties. Examples are credit cards, lines of credit, taxes or any other debt that is much higher than inflation.

Prioritize certain debts and pay them on time:

• Rent or mortgage. Make paying your rent or mortgage a top priority. Payments on a home equity line of credit or second mortgage are also essential because you can lose your house if you don't pay.

• Car payments. Make the payments. If you don't, the car will be repossessed.

• Utility bills. These services are important, and the bills usually have heavy late-payment penalties.

• Child support or alimony. Not paying these debts can land you in jail.

• Taxes. Taxes may be put off for a while if necessary, but if the IRS is about to take your paycheck, bank account, house, or other property, you should set u p a repayment plan immediately.

Click the link to learn how to formulate a plan that will enable you to get out from under the debts you want to get rid of.