Sense & Centsibility Blog
Making Debt Repayment Exciting
Large debt loads can seem overwhelming, and paying down debt may seem like a boring way to use one’s income. At LSS Financial Counseling we understand that. But we also understand the importance of Conquering Your Debt and the impact that can have on your life and future. So, LSS and researchers at Innovations for Poverty Action and RAND tested a Prize-Linked Debt Reduction (PLDR) Program with hopes of making repaying debt more exciting. The idea was simple: Clients will be entered into a sweepstakes in which the prize will be to have a portion of their debt forgiven. We called the program, ‘Pay and Win.’ Clients who made on-time DMP payments were automatically entered into a monthly drawing where they could win a $500 credit to be applied to the existing balance of their DMP held at LSS Financial. In addition, each monthly on-time payment simultaneously entered clients into a Grand Prize Drawing where they were eligible to win a $5,000 credit to be applied to the existing balance of their DMP held at LSS Financial. Pay and Win ran from March 2014 to December 2014. We are proud to announce our winners, Glenn and Linda Hanson of Duluth, Minnesota. A $5,000 payment will be applied directly to their DMP at LSS. This will get them one step closer to being debt free and ultimately retirement. Overcoming debt is hard...but you can do it.
A debt management plan consolidates your monthly bills into one simple payment--often with a lower interest rate--so you can start paying of those debts and return to financial health faster.Give us a call at 888.577.2227 or visit our website at www.ConquerYourDebt.org for more information.