• Average household credit card debt: $15,112 • Average household mortgage debt: $146,215 • Average household student loan debt: $31,240
In an effort to increase consumer’s awareness of personal financial literacy, the Kansas Credit Union Association launched Money Possible: Destroy Debt, a consumer literacy campaign in partnership with Wichita area credit unions and the Consumer Credit Counseling Service.
Loosely based on the hit NBC TV show "The Biggest Loser,” the campaign will follow Wichita area credit union members as they work with the Consumer Credit Counseling Service to destroy their household debt.
"One of the issues that came out of this summer’s launch of the Innovation Lab was the need for member and consumer financial education,” said Melissa Baptista, Research and Development Director at the Kansas Credit Union Association. "This pilot program satisfies the financial literacy need, as well as promotes the value of credit unions as strong financial partners.”
Any Wichita area credit union member is eligible to apply. The Association will choose the participants, and once chosen, their stories will be told through the MoneyPossible.org blog, on social media and local media outlets.
Weekly financial tips plus weekly segments with updates from the Money Possible participants will air on television. Four live interviews will also air throughout the campaign, and the blog will be updated as the participants move through the program.
The campaign runs for 16 weeks, February – June of 2014.
"Recent surveys have shown that Americans need help with their money management,” said Baptista. "By telling our members’ stories in a public venue, others can benefit from the financial tips, as well as learn from the members’ challenges and successes.”
The deadline for credit union members to apply for the campaign is December 20. Participants will be selected in mid-January and start their counseling sessions in mid-February.