It is common for Florida residents to have personal loans, credit card debt or student loans. Therefore, there may be less urgency to pay it down as soon as possible. However, it is still a good idea to eliminate debt as quickly as possible. One of the best reasons to pay off debt quickly is that it reduces the amount of interest paid on the balance.
Paying down debt as quickly as possible may also work to improve an individual's credit score. The amount that a person owes contributes 30 percent to the credit score, which means that those who have less debt may have a higher score overall. Another benefit to paying down debt is the financial security it provides. Instead of giving money to a lender, it can be used instead to save for an emergency or for the future.