All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.
According to the preponderant opinion of the scholars offering the ‘Aqeeqah (an animal slaughtered for the new born) is only a Sunnah and not an obligation. For more benefit, please refer to Fatwa 89873.
The ‘Aqeeqah should be performed on the 7th day, or the 14th day, or the 21th day, and if this is not possible, it can be done at any other time.
On the other hand, the ‘Eed sacrifice is a confirmed Sunnah for whoever is able to do it, as clarified in Fatwa 81799.
Therefore, you should begin with paying back your debt as it is an obligation, and when you become able to perform the ‘Aqeeqah, then you may do so according to the details mentioned in Fataawa 83120 and 87342.
Allaah Knows best.