01/11/2010 | Congratulations to Susan Skaer, our $5,000 winner!
And congratulations to the Frazier family, who was also awarded $1,000 for their hard work and dedication during the challenge. Thank you to both families for being such fantastic contestants. Both teams worked diligently to reduce debt and save their income, and both have set down the path to being financially healthy.
Chuck Zeller, President of United Health Services Credit Union said it was a tough choice to pick the winner because both teams worked so hard and made such huge strides during the competition. But in the end, there had to be one final winner. The contest used the following criteria to determine the final winner:
Percent of savings to income increased during the time period of the contest
Percent of debt to income reduced during the time period of the contest
By using a percentage to income, this compared the contestants on the same level. Unsecured debt was used for two reasons: 1) It’s at a higher interest rate than secured debt and, therefore, the most benefit to the contestants to reduce first. 2) The contestants set goals to increase savings and reduce credit card debt during the competition.
For more information on becoming financially health, visit www.uhscu.org, or stop into a UHSCU branch for a free financial health check-up.
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