Convergence results are presented for rank-type difference equations, whose evolution rule is defined at each step as the kth largest of p univariate difference equations. If the univariate equations are individually contractive, then the equation converges to a fixed point equal to the kth largest of the individual fixed points of the univariate equations. Examples are max-type equations for k = 1, and the median of an odd number p of equations, for k = (p+1)/2. In the nonhyperbolic case, conjectures are stated about the eventual periodicity of the equations, generalizing long-standing conjectures of G. Ladas.