That's really up to you. I am asnmuisg you bought your house in 2008. I myself am a first time homebuyer and we plan on using any credit that we get back (in the form of a tax refund) to apply to our mortgage. Reason being we have PMI because we didn't put 20% down and we want to get rid of PMI as soon as possible! I agree with the fact that you should make sure you have a good amount of savings (especially in this economy) so I would first make sure you have 2-3 months salary in savings, then pay off credit card (or other high interest) debt, then decide if you should put it towards your house, your car or your student loans. If it is money you don't need to save then I would pick whicher loan has the highest interest rate! Enjoy.