Think you have what it takes to be the biggest loser when it comes to reducing your debt? You're in luck.Mint.com, an Intuit-owned online start-up that offers free financial advice and easy-to-use budget planning tools, recently launched its "Drop Your Debt Challenge" urging debt-cutters to team up with folks in their city to reduce their debt. The idea is for people to work together by sharing savings techniques and offering each other support during the process.
After six months, the city team that trims the most fat from their debt will snag one of four $1,200 cash prizes. There's a $5,000 prize for the most referrals.
"Think about it as 'The Biggest Loser' for debt -- adding competition and teamwork to help people deal with something they need to undertake," says Aaron Patzer, vice president and general manager of Intuit Inc.'s Personal Finance Group and founder of Mint. "Every day, competition motivates people to lose weight, win at sports, or grab a parking spot before the next guy. This is a chance to have a positive impact on your finances."
According to the release, challengers will receive regular updates through Facebook on their city's progress and get money-saving tips from others on their team.
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