After nearly a year of attending financial counseling sessions, group financial workshops, and working hard to pay down debt, four participants were awarded winners of Superior Choice Credit Union’s Great Debt Pay Down program in partnership with LSS Financial Counseling.
The Great Debt Pay Down was a year-long challenge with a $3,000 grand prize for the participant who made the greatest percentage reduction in their debt-to-income ratio during the year-long program. There are $1,500 and $500 for the second and third place winners and a $1,000 award for an SCCU employee participant as well. Commitment to the program included a minimum quarterly visit with a LSS Financial Counselor and attending a minimum of four group education sessions throughout the year. Winners from the 2017 Great Debt Pay Down challenge include:
- First place award of $3,000 for participant Michael O’Keefe, who reduced his debt-to-income ratio by 30.56 percent
- Second place award of $1,500 for Amy Spiering, who reduced her debt-to-income ratio by 24.33 percent
- Third place award of $500 for Kimber-Lee and Ronald Cameron, who reduced their debt-to-income ratio by 19.06 percent
- Employee award of $1,000 for Amy and Troy Gehrmann, who reduced their debt-to-income ratio by .35 percent
Award monies were used to help further pay down participant debts. More than 20 people participated in the latest Great Debt Pay Down challenge. Overall, participants paid down more than $81,000 of debt for an average of nearly $3,400 debt payoff per participant. This resulted in an average of 6.21% reduction in debt-to-income ratio per participant.
The Great Debt Pay Down challenge was possible thanks to a partnership between SCCU and LSS Financial Counseling. Through this partnership SCCU members have access to free one-on-one financial counseling sessions, credit counseling workshops, and more.