When you're having serious financial problems, it becomes extremely difficult to keep up with all of your debt payments. You can reduce your expenses and stretch your income only so far before there is nothing more you can do – and sometimes it's not enough to make ends meet. For some people, making debt payments can become a game where you have to decide which bills to pay first and which debts can be paid late.

Whatever you do, don't give into the temptation of taking on more debt to repay old debts. There are very limited circumstances when this is your best strategy. Instead, focus on prioritizing your debts so you know which bills must be paid on time, which ones can be delayed, and which debts you might refuse to pay.

Here is a suggested method for choosing which debts to pay first:

1)Pay anything necessary for your family first. This includes food, clothing, shelter, and utilities. Debts with collateral should be your first priority – and this includes a mortgage or rent, since if you do not pay these debts the property can be taken from you.

2)Housing related expenses. Once your rent or mortgage is paid and the family is fed and your electricity and other utilities are sent the minimum required to keep them on – your next consideration is probably any housing related expenses such as property or school taxes, condo fees, mobile home lot payments. Even if you pay your mortgage or rent, if you miss some of these housing-related expenses, your home can still be taken from you.

3)A car loan or lease should be next on your list of priorities. A car loan is also a debt with collateral, as the creditor can take back your vehicle if you don't keep up with your payments. Vehicles needed to get to and from work or as your only transportation should be a priority debt. You may need to consider a less expensive vehicle if possible, or car pooling, or public transportation. If you have used your home or car or household goods as collateral when securing other loans and financing, move them up on your priority list.

4)Child support. If you pay child support you can't skip these payments without a court-ordered payment adjustment, or you'll find yourself behind bars.

5)Income Taxes. If you owe taxes when you file your federal income tax return, you must set up payments to take care of this debt. The federal government has many rights that other creditors don't have when it comes to collecting debts.

6)Student Loans. Federally funded student loans should be given first priority over all student loans because they have access to more intense collection efforts. Privately funded school loans without collateral can move down your list of priorities.

7)Debts without collateral are your lowest priority. Sometimes these creditors will make the most noise and call you most often with threats, but if you are prioritizing your debts because you don't have enough money to pay everything – these are the debts that you push down the list. Credit card bills, doctors and hospital bills, attorneys and other payments to professionals are lower priority than your home expenses, vehicle, child support and income taxes.

There is no one-list-fits-all method for prioritizing the order in which everyone should pay their debts. You have to make some decisions based on your personal circumstances, but hopefully this list has helped you choose which debts need to be paid before others.