WASHINGTON – The U.S. Treasury Department and the Federal Reserve have announced the results of a May 22 industry panel discussion about good credit management practices and there were few surprises. The five fundamentals of good credit management include building savings to avoid high-cost debt and improve payment options; paying bills on time; paying more than the minimum payment; comparison shopping for credit; and obtaining only the credit the consumer needs and understanding credit history and how it affects the consumer. "Credit must be managed carefully and these concepts offer guidance on how to do so," said Federal Reserve Board Governor Edward M. Gramlich. "The fundamentals of money management can help people make smart decisions that promote their own well-being and, on a broader scale, foster a more efficient economy." In addition to CUNA, participants in the May 22 meeting included the National Foundation for Credit Counseling, the Association for Financial Counseling and Planning Education, the In-Charge Institute, the American Bankers Association, America's Community Bankers, the Fannie Mae Foundation, Freddie Mac, American Express, MasterCard, Visa, the Community Financial Services Association of America, the Consumer Federation of America, the National Council of La Raza, AARP, and College Parents of America.