Federal student loan payments resumed for many Americans in October. Shark Tank's Kevin O'Leary said borrowers shouldn't focus solely on paying down their student debt. He said cutting spending can help borrowers also save for retirement and pay off their credit card balances. That's according to "Shark Tank" star Kevin O'Leary , who has been giving young Americans advice on how to manage their finances now that the pause on federal student loan payments has come to an end. In addition to investing and student loan repayments, O'Leary said borrowers should also dedicate some money to a third area: their credit card balances .

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Persons: Shark, Kevin O'Leary, —, O'Leary, Fox Business's Stuart Varney, Joe Biden's Organizations: Service, Good Morning, Education Department, Fox Business Locations: —