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For Immediate Release Contact: Patrick Harris Director of Media Relations Ohio Credit Union League pharris@ohiocul.org 800-486-2917

Make Your Financial Well-Being a Resolution in 2008

Dublin, Ohio (January 04, 2008) – The New Year is traditionally a time to reflect upon the past year and plan for the future.  Ohio’s credit unions and the Ohio Credit Union League are offering five resolutions that can help almost anyone improve their current financial status, an important aspect of overall health and happiness.  From learning how to monitor expenses through budgeting, to understanding and managing debt, make 2008 the year you improve your overall financial well-being.

“Reviewing your finances and looking at ways to improve your financial stability should be at least an every year occurrence,” said Paul Mercer, League President.  “Take the time to review your financial goals, both long and short-term.  Credit unions are here to serve you, and they offer financial counseling, budgeting, financial education, and numerous other services and programs to help you achieve your financial goals.”

Here is a list of financial resolutions for 2008 that can help strengthen your financial well-being:

Resolution 1:  Pay off a Credit Card – According to an article from the online publication Money-zine.com, as of August 2007, credit cards and lines of credit accounted for roughly 37% of all consumer debt.  Credit cards offer convenience and are beneficial when handled correctly, i.e. paying off the balance each month.  However, it is common to leave a balance and rack up interest and finance charges.  Set a goal to pay off all credit card balances this year by budgeting for larger payments than the minimum or pick a single card with a hefty balance to pay off.  Doing so can improve your credit score and your long-term financial wealth.

Resolution 2:  Budget – Wondering where all of your money went in 2007?  Looking for ways to cut back on spending?  The best way to manage your money is to have a monthly budget and stick to it.  The financial education Web site MoneyAndStuff.info/budgetworksheet.htm offers budget worksheets for kids, teens, and adults, as it is never too early or too late to learn how to manage your finances.

Resolution 3:  Know your Score – Many people in 2008 will be making their first major purchase.  The interest rate you receive on a loan from your financial institution is influenced by your credit score.  Knowing your credit score can help you better understand what you can afford.  Your score can be obtained from one of the three credit monitoring bureaus (Equifax, Experian, and TransUnion) for a fee of approximately $15, according to Money-zine.com.  You can also talk to your local credit union about how to obtain your credit report, your credit score, and managing debt.

Resolution 4:  Refinance – Your home mortgage is most likely your biggest expense and also one of your greatest assets.  However, some mortgages have adjustable rates, meaning your payment could increase at a given time.  Take time to review your mortgage with your lender and discuss alternatives.  Talk to a representative of your local credit union as well, as credit unions typically offer comparable, and often lower, interest rates when compared to other lenders because of their cooperative structure. 

Resolution 5:  Save – Easy enough, right?  Saving is more difficult for some than others, and the amounts people are able to save vary.  But saving at any rate is beneficial both in 2008 and much further down the road.  Saving just $100 dollars a month, or $25 per week, translates to $1200 a year.  Doing so for 10 years equates to $12,000.  That’s without earning interest.  Talk to a local credit union representative about the many opportunities credit unions offer for saving both short-term and long-term.

There are 438 member-owned cooperative credit unions in Ohio.  To find one you can join, go to www.findacreditunion.com or call the Ohio Credit Union League at 1-800-486-2917. The Ohio Credit Union League, with offices in Dublin, is a state trade association representing 438 credit unions. Credit unions are not-for-profit financial institutions owned and democratically controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to their 2.7 million members. To learn more, visit www.OhioCreditUnions.org.

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