Miami University Associated Student Government (ASG) and the First Miami Student Credit Union hosted a financial education forum Wednesday in MacMillan Hall, open to any students looking for financial advice.
According to Yuxiao Bian, member of the First Miami management team, the overarching goal of the forum was to promote financial literacy among Miami students.
"Many students don't know a lot of the basics about the credit system," Bian said. "There are a lot of ways they can save money just by being financially aware."
The forum consisted of a lecture on everything credit, covering topics such as how to choose the right credit card, how to manage your credit score and even ways having or using a credit card can benefit students.
A major point emphasized by sophomore Bill McNamara, vice president of Students for Good Credit, was that students should try to get a credit card as soon as possible, even if they do not plan on using it.
"Building a good credit score takes time," McNamara said, "so it's a good idea to open a credit card as soon as you can."
The speakers also offered advice on how to manage spending and payments with a credit card, such as setting up automatic payments and tracking your balance online.
Bian said the focus of this forum was on credit cards because it is a subject that creates a lot of confusion for most students.
"We just want to give the best information we can, and clear up the concepts that cause people problems," Bian said.
Patrick Kirwan, a Miami senior who attended the event, agreed credit was an important topic to cover.
"I definitely learned a lot," Kirwan said. "It's great they are helping students out by presenting all of this information."
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Bian said this isn't the first financial education forum the First Miami Credit Union has presented to students, but it was the first held in cooperation with ASG.
Bian said co-hosting the forum was "the first step" in what is expected to be a continuing partnership between First Miami and student government.
Bian said the two groups plan to offer more opportunities for students to come and learn about managing personal finances. Future forums would cover a range of topics, like investing and applying for loans and car insurance.
The group also plans to hold a forum on paying personal taxes when the season (February or March) comes around.
Considering the recent economic difficulties and credit crisis, Bian said now it is more important than ever for students to gainknowledge about managing personal finances.
"Part of the problems we have today are from lots of people getting in trouble with credit cards," Bian said. "By giving (students) knowledge now, hopefully they can avoid making the same mistakes in the future."
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