This year, October is “Get Smart About Credit Month” in Michigan, thanks to a resolution introduced by state Rep. Andrea Schroeder, of Independence Township.
Schroeder said that all Michiganders can benefit from better credit literacy, but this is an issue that affects young adults, in particular.
“Total U.S. student debt topped $1.5 trillion last year,” Schroeder said. “That debt was incurred by 44 million borrowers who have not yet even entered the workforce. How many of our kids are among that 44 million? Two of my own kids are. It’s important to set them up for success and ensure they have the tools and awareness to manage their debt for the long term.”
Empowering Michiganders to be knowledgeable about their finances and about the best ways to access to credit programs will boost our local economies and lower poverty rates over the long term, Schroeder continued.
“Good credit and good financial habits are not only good for the individual, they are good for our whole community,” Schroeder said.
House Resolution 174, was approved by the House earlier this month.