In the last issue of the Quarterly News, we asked how readers plan to use their tax refund – 50 percent plan to pay down debt, 20 percent each plan to increase retirement savings or fund their vacation, and 10 percent want to buy something new. Paying down debt is a great investment in your financial future. When you’re not paying expensive interest, you’ll have more money for the rest of your goals. The following strategies can help:

Start by tackling high-interest credit-card debt. Paying off a balance with an 18 percent interest rate is like earning 18 percent on your money. Even if you can’t afford to pay off the entire balance, increasing your monthly payments can cut your total interest and time. See the impact in our Debt Payoff calculator (www.icmarc.org/debtcalc).

Take advantage of student loan repayment programs. Go to the Department of Education’s page to learn about income repayment and loan forgiveness programs for federal student loans (www.studentaid.ed.gov/repay-loans), including the Public Service Loan Forgiveness program.

Improve your credit score. Pay your bills on time, keep credit-card balances low, and check your credit record at www.annualcreditreport.com. A higher score may help you qualify for better rates in the future.