One wrinkle here is that some debts have variable rates. For instance, if you have a balance with a 3% variable rate and one with a 5% fixed rate, but you are i

One wrinkle here is that some debts have variable rates. For instance, if you have a balance with a 3% variable rate and one with a 5% fixed rate, but you are in a rising interest rate environment, the 5% fixed rate loan is effectively a hedge on the 3% loan. It drags up your effective loan rate while interest rates are lower than 5% but it lowers your effective rate if rates rise above 5%. You can determine whether this is a valuable hedge by estimating the likelihood of rates exceeding 5% long enough to make exceed the cost of the hedge.