Short YouTube advice clip from Daniel Rosen offering personal finance guidance: prioritize paying down highest-interest debts (credit cards, payday loans) to reduce interest costs and improve credit utilization, and avoid late payments because they can remain on credit reports for up to seven years and significantly damage your credit score.
If you've got a bunch of debt, focus on paying down the highest interest lines first. Credit cards and payday loans are the usual suspects. This will help reduce the amount of money you're paying in interest, and as your balances decrease, your credit utilization will improve. Boosting your credit score. The most important thing is that you avoid late payments at all costs. I know sometimes crazy things happen and you miss a payment, but you really want to try to avoid this one. Late payments stay on your credit report for up to seven years and they drag down your credit score. Plus, missing a payment puts you at risk for additional fees or higher interest.
