This is an important step towards improving the financial awareness of Michigan residents. With the auto-makers struggling, foreclosure rates at an all time high, and Michigan facing a horrific financial crisis, it has never been a better time to enforce how important financial education is. Now, our youth will have an opportunity to learn about money management and save themselves from unwise decisions about credit cards and accumulating debt.

To read more about Senate Bill 834, click here.

Lets talk about debt. Every year your debt is increasing, and every year you fail to pay it down. In 2009, you can make up for it by controlling your credit card debt.

1. Evaluate your habits
Instead of charging everything, cut your credit card up and start using cash. Or pay more than the minimum payment every month on your card. Paying the minimum each month can keep you deep in debt.

If youre using your debit card, you will only be spending what you have available. A credit card gives you too much room to spend more on what you cant afford. Always try to pay them off, or at least more than the minimum.

3. Prioritize!
Prioritizing your debts is extremely important. Payoff the highest interest rate credit card first!

Challenge yourself and you will be amazed at what you achieve! The feeling you will have after youve realized youre in control of your finances is much greater than the feeling you get after buying a flat screen TV with money you did not have!

Need Help?

Extra Credit Union has partnered with Accel Members Financial Management. Accel is a FREE financial management program that has been helping people like you for more than 40 years. Beginning February 1, 2009, certified financial counselors will be available Monday through Thursday 8 a.m. to 10 p.m. (EST), Friday 8 a.m. to 7 p.m. and Saturday from 9 a.m. to 1 p.m. To use this new service, simply call 1-877-33ACCEL (332-2235).

In order to prevent this financial crisis in the future, many are asking, Should a high school personal finance class count toward graduation requirements? To most its a no brainer. Of course it should count. But unfortunately, it has been quite the debate among Michigan educators. Adding a new class means finding qualified instructors or adding more to an already overloaded teacher.

Click here to read more about this topic and how some educators are fighting to make personal finance a mandatory course.