WICHITA, Kan. (6/24/14)--Three credit union members from Wichita decimated their household debt recently thanks to a Kansas Credit Union Association (KCUA) financial literacy campaign called "Money Possible: Destroy Debt."
The campaign tracked and documented the journey of three destroyers, each with a unique financial issue to tackle, as they worked with a credit counseling service to pulverize household debt and hone their money management skills.
"The campaign promotes the idea that household budgets and finance are up to the families, and it's a lifelong process, not just something they can do once and be done," said Melissa Baptista, KCUA research and development director.
One destroyer, Raquel, was saddled with overwhelming payday loans and during the campaign was able to pay down 30% of her debt, become current on her monthly bills and start an emergency fund. She also stopped relying on payday loans.
Destroyer No. 2, Fredica, needed to taper her spending habits and was able to stop using credit cards, pay down existing credit card debt and learn to live within her means thanks to Money Possible.
Finally, destroyer team Lisa and Bryan wanted to save enough money for retirement and accomplished paying off four credit cards, grasped the difference between needs and wants and involved their children in developing a family budget.
Each participant learned various financial literacy skills, including budgeting practices and finding small ways to save, and each were taught about the real cost of predatory payday lenders, according to KCUA.
The campaign also made waves in the media, as each of the three destroyers were featured in television segments on KAKE-TV, on the moneypossible.org blog and on various social media platforms.