Priority: Paying off Debt or Investing

I have seen quite some debates on whether a person in debt shouldfocus on high interest debts first and defer any investing until allthe debts are paid off, or the two can be proceeded simultaneously.Depending on the goals of saving/investing, my arguments for taking thelatter approach are:

• For long-term goals, such as retirement or kid's college tuition, the length of the debts will be relatively short;
• A small amount ($50 or $100) invested every month from now could mean a big pile of money 20 or 30 years later (check my analysis of investing $100 in a low-cost mutual fund for 20 years)

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