Originally Posted by
Johnson85
Can't really answer without knowing the interest rate and term of the debt and what your investment alternatives are. But generally, up to 4% fixed interest, I would not pay it down unless and until I was maxing out my tax advantaged savings. From 4-6%, I would look at the market. With a CAPE of 30+, I would probably just pay off the debt. Hard to beat a guaranteed return of over 4% when the CAPE is that high (not that the CAPE is the be all and end all, but it's pretty well correlated with returns looking out over a couple of decades, which is what you should be looking at as far as putting it into tax deferred v. paying down debt faster).
This is also ignoring the risk of an income shock though. IF you can make it a while on one income, then it's a lot easier to bear the risk of an income shock, or if both of you are in fairly recession proof jobs. But even then, if you have say $1k a month in non-mortgage debt payments, and you can cut it down to $500 by increasing your debt snowball for a few months, that might be worth it if it makes an income shock a lot more manageable, whereas if you are good either way, then you can let it ride and focus on investing.