First Tech Credit Union is about to announce which households will be participating in its U-Turn Challenge. In this social media contest, ten finalists will document their financial successes and challenges using blogs hosted at the credit union’s microsite.
Selected households will compete for a $10,000 grand prize. The prize goes to the household that achieves the most financial success in four pre-determined categories:
- Debt reduction
- Savings increase
- Overall net worth increase
- Overall level of participation in the program
So far the credit union has received over 100 entries. They’ll be announcing the ten finalists by early February.
The U-Turn Challenge will run throughout 2009.
All participating households will be assigned a team of financial experts from First Tech who will help them get on the road to a better financial life — and potentially win the competition. Each team will focus on a broad range of financial topics, ranging from budgeting, managing credit, home buying, paying for college, planning for retirement, insuring for the future and others.
A selection committee comprised of First Tech staff considered the following factors when selecting the ten participating families:
- Source and stability of income
- Type of debt
- Debt-to-income ratio
- Disposable income
- Credit review
- Background check
- Composition of household