Make financial fitness priority for entire family

If your New Year's resolution is to get financially fit in you're not alone. Financial goals, like saving more money and reducing debt consistently, make the list of most Americans' top New Year's resolutions.

A recent Experian-Gallup survey may indicate that at least some of us are sticking to our commitment to improve our fiscal health.

The survey of more than 1,000 adults showed that 53 percent of those polled feel they are financially better off now than they were in 2006.

What's more, an optimistic 69 percent felt they will be even better off in 2008.

"This poll shows how committed the majority of Americans are to living financially responsible lives," says Maxine Sweet, Experian's vice president of public education.

"It's quite telling that nearly 50 percent of respondents said they plan to reduce their overall level of debt in 2008 and nearly one- third will check their credit score."

What do those who will successfully improve their finances in 2008 have in common?

They will rely on a combination of tried-and-true financial practices and leading-edge technologies, Sweet says. These include:

• Pay your bills on time. It may seem obvious that this is important, but delinquent payments are among the most common negative marks on credit reports.

• Pay down balances on credit cards and other revolving credit, and keep them low. High outstandi

n g debt could affect your credit score.

• Apply for and open new

credit accounts only as

needed; don't open

accounts just to

have a better

credit mix.

• Don't close unused cards thinking

it will

automatically

raise your

credit score.

Owing the

same amount

but with fewer

open accounts could

potentially lower your

credit score; and

• Be aware of the financial

health of the entire family. Theft of children's identities is on the rise - nearly 11,000 identity theft complaints by those under the age of 18 were reported

in 2006, up from 6,512 in 2003,

according to the Federal Trade

Commission.

Identity thieves use children's

names and Social

Security numbers to open

lines of credit.

Because children rarely have a

credit history of their own, the fraud

can go undiscovered for years until the child

grows up and tries to obtain credit.

Consider credit monitoring products that alert you to any credit activity in your name.

Courtesy of ARAcontent