Newswise — Starting out the New Year fulfilling resolutions to exercise and eat right is good, but so is resolving to better understand personal finances. "Economic literacy is essential if people want to make sound financial decisions," said Lance Nail, Ph.D., UAB finance professor. "People need to understand the basic economic principles such as supply and demand and the role profits play in the economy." Understanding the implications of credit card debt and what it takes to secure a home loan also are important. "Knowledge about borrowing is extremely important when trying to get a good interest rate, and good rates depend on one's credit history. And, business is not some evil entity " we all have to work for the things we want in life."

MEDIA CONTACT
Register for reporter access to contact details
TYPE OF ARTICLE
Feature
SECTION
CHANNELS
KEYWORDS
Economic Literacy the New YEAR
COMMENTS | COMMENTING POLICY