As I’ve mentioned, not all debt is created equal.

Okay, so it’s not Thomas Jefferson, but humor me for a moment.

Some debt has more impact on your life than others. Those are the debts you need to square away first. Let’s call that “essential” debt.

Then there is the debt that, while serious, doesn’t rise to the level of critical mass – the kind of debt that, if not handled properly, can cause your financial life to implode. Let’s call that non-essential debt.

Obviously, essential debt is a priority and should be paid off first.

Examples of essential debt are your rent or mortgage debt. If you don’t pay that debt, you lose your home. I’d call that essential.

Then there is your utility bill; your electricity, your heat, your water or phone services. The loss of any one of them could lead to a life-threatening situation. (ex: you’re house is on fire but you have no phone to call #911.)

Child support is another essential. True, not too many post-collegiate Americans face child support but if you do, you’ve got to pay it first. A judge could haul you off to jail if you don’t. Car payments, too, might be considered essential debt, especially if you need to travel a significant distance to your job.

Then there is non-essential debt.

Non-essential debt includes your credit card and student loan bills. Yes, I know. I’ve spent the better part of these blogs so far making my case for the importance of paying off your student loan debt, and, to a lesser extent, your credit card debt.

But let’s face facts. If you miss a student loan payment or two, or four or five, for that matter, your life isn’t placed in jeopardy as it might be if you lose your home or utilities because you neglected those debts.

Still, while your student loan debt isn’t at the “essential” level of your home or utility debt, it could be if you ignore it long enough. Yes, you can skate a while on your student loan debt without significant consequence. But let it go too long and you’ll fund creditors banging on your door and the IRS looking to garnish your wages. Then your student loan becomes “essential debt” faster than you can say “poor house”.