MADISON, Wis. (12/28/09)--Credit unions are offering their members advice on how they can stay “fiscally fit” in the new year. The Ohio Credit Union League said that Ohio credit unions are encouraging consumers to review their finances and incorporate five steps into their New Year resolutions:
* Pay down credit card debt. Set a goal to pay off debt by making monthly payments beyond the minimum amount due. * Review monthly budgets. * Save for 2010 and beyond. The league recommended having six months’ worth of salary saved. * Check credit reports. * Educate children about money.
Affinity FCU, Basking Ridge, N.J., also offered five financial tips for consumers to consider:
* Evaluate the terms and conditions of credit cards. Card companies have raised rates as high as 29.9% and lowered spending limits, the credit union said. * Take advantage of free online money management tools. Affinity will offer FinanceWorks to its members as a part of its online banking service. * Set up a meeting with a financial adviser. * Contribute to an individual retirement account. Consumers have until April 15 to make contributions for 2009. * Review credit reports.