Damien from The PSA is back with yet another money-saving episode that promises to simplify your financial management. In this installment, Damien meticulously unpacks the 5 critical factors that constitute your credit score, assigning each a level of importance.


Listeners will gain valuable insights as Damien explains why your payment history is so crucial, representing a significant 35% of your credit score. He shares expert strategies on how to enhance this aspect by judiciously managing your available credit. Damien's top recommendation is to maintain your credit card balances at the lowest possible level – ideally, you should aim for a zero balance by diligently paying off your bill on time and in full every month.


Moreover, he addresses and debunks prevalent credit score myths, such as the misconception that carrying a balance on your credit card is necessary. Damien provides a clear-cut spoiler alert – carrying a balance is absolutely unnecessary and not recommended.


For those who are beginning their credit journey, Damien doesn't leave you in the lurch. He offers practical, actionable advice on how to transition from having no credit to establishing a good credit rating swiftly. His guidance includes exploring the use of secured credit cards and the benefits of becoming an authorized user on someone else's account.


In the Headlines segment, Damien delves into an intriguing study that examines the varying degrees to which money influences behavior across different cultures. He highlights the stark contrast between Western societies and countries like China and India. Additionally, he cautions listeners about the psychological pitfalls one might encounter when making substantial purchases, such as fixating on monthly installments instead of considering the total cost of ownership.


This episode is a must-listen for anyone aiming to elevate their credit score, minimize interest expenses, and streamline their financial life. Damien delivers his message with his signature straightforward, empowering approach, dispensing invaluable wisdom akin to a sage neighbor sharing life lessons. Don't miss out on this opportunity to transform your approach to money management – tune in now and start mastering your finances with ease!