Should I invest or pay off debt first?

Quick answer: It depends on the interest rate. Above 10–12%: pay off debt first.

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Full explanation

Compare the debt interest rate vs expected investment return. Credit card at 36%: always pay off before investing (no investment reliably returns 36%). Personal loan at 14–18%: pay off before extra investing. Home loan at 8–9%: invest alongside (equity's long-term return of 12–14% beats the 8% loan cost). One exception: always invest enough to get employer EPF/401k match — that's a guaranteed 100% return. After matching: pay high-interest debt, then invest.