A smart way to get the most bang for your buck is to compare interest rates. It is good practice to rates not only between interest-bearing debt like credit cards, business loans and mortgage loans, but also to compare the interest rates against interest income instruments like short term and long term CDs. Recently one of my clients cashed in a CD (certificate of deposit) to pay off a big student loan. The CD was generating only a small percentage and the interest rate on the student loan was twice the amount. This was great since one of their goals was to reduce the amount of debt.
Now, you should consider taxable income when cashing out a financial instrument, but if your financial goal is to reduce business and personal debt, then comparing rates may be the answer for you.