Marie Brannon is correct, however you have to keep in mind the rate of inflation. As the value of the dollar decreases and things cost more, your debt will shrink (relatively speaking) over time anyways. For example, you take out a $50,000 loan in 1990. Twenty years later, that same 50k doesn't buy you as much stuff as it did back then. Therefore your debt is already relatively smaller than it was when you acquired it. This all depends too on the interest rates versus the rate of inflation
This also means that the cash you have on hand now is worth less in the future. A savings account may not match the rate of inflation, but it at least preserves some of the the value that might have been lost. In fact there are very few investments that match or exceed the rate of inflation.
With that said, and noting I'm not a financial adviser, I would: Pay off credit cards (the interest rate here is higher than the inflation rate) first followed by starting some savings/ emergency fund accounts. Low interest (where the interest rate is less than that of the inflation rate) debts such as cars, student loans, and homes, should be paid off after you have some money in savings.