In Credit 101 Episode 118, the focus seems to be on how to prioritize different types of debts for repayment. Here are steps and considerations to help decide which debts to pay off first:

1. Assess Your Debt Types:
   • Categorize your debts into different types such as mortgages, car payments, utilities, student loans, credit card debts, etc.
2. Understand Priority Debts:
   • Identify debts that have higher priority, such as secured debts (like mortgages and car payments) which may have serious consequences like foreclosure or repossession if not paid.
3. Consider Interest Rates:
   • Focus on debts with higher interest rates first. This could include credit card debts or other high-interest loans that accumulate more debt over time.
4. Review Payment Histories:
   • Evaluate the status and payment history of each debt. Prioritize debts that are currently in default or at risk of default.
5. Check Statute of Limitations (SOL):
   • Understand the statute of limitations for each type of debt in your state. The SOL is the time period during which creditors can sue you for non-payment of debt. Older debts nearing the end of the SOL may be prioritized differently.
6. Consider Credit Building:
   • Paying off newer debts (like student loans or credit cards) can positively impact your credit score and credit history.
7. Assess Urgency:
   • Address urgent debts such as utility bills that can impact daily living or services if left unpaid.
8. Create a Repayment Plan:
   • Develop a repayment plan based on your priorities, financial situation, and goals. Allocate more funds towards high-priority debts while ensuring minimum payments on other debts.
9. Seek Professional Advice:
   • If you’re unsure about the priority of your debts or the best repayment strategy, consult with a financial advisor or credit counselor.
10. Stay Organized:
    • Keep track of all debts, payments, and due dates to ensure timely payments and effective debt management.

By prioritizing debts based on factors like urgency, interest rates, type of debt, and credit implications, you can create a strategic plan to pay off debts efficiently and work towards financial stability.