Families willing to expose their finances are helping credit unions get consumers excited about saving. And with the buzz about financial makeover contests, two credit unions have found their contestants.
E Federal Credit Union has teamed up with Consumer Credit Counseling Services and local Baton Rouge, La., television stations to host "The Biggest Loser: Financial Edition."
Through the eight-month competition, four local families will be challenged to improve their financial situations by saving money and reducing debt with the help of a team of financial coaches.
The family that reaches or exceeds its financial goals by the greatest percentage will win $10,000 from E Federal Credit Union. Since no one really loses when they shed debt, runners-ups will win cash prizes as well-$5,000 for the second place family, $2,500 for third, and $1,000 for fourth.
The competing families selected are the Hall family, the Willis family, the Ridings family, and the Smith family.
The families' progress will be chronicled on Tuesday nights during television newscasts on Fox News Baton Rouge at 9 p.m. and NBC 33 News at 10 p.m.
E Federal is inviting the entire Baton Rouge community to play along at home and improve their financial status along with the families at www.biggestloserfe.com. Through the Web site, community participants can read the families' weekly blogs, watch clips from televised interviews, sign up for monthly savings tips, join a family's booster club and download the same tools and resources the competing families are using to improve their finances.
"We are so excited to present this innovative program for the Baton Rouge community. With the current economic climate, many families in the area are struggling to reach financial goals. Our hope is that while we help the four families to succeed financially, we also reach many in our community and inspire them to improve their financial lives as well," said Ken Bordelon, CEO of E Federal Credit Union.
E Federal will also host quarterly financial seminars open to the entire community on budgeting, financial planning, and identity theft with Consumer Credit Counseling Services.
Over in Texas City, Texas, much like E Federal, an "earn or burn money challenge" issued by Amoco Federal Credit Union has garnered media and consumer attention.
Amoco FCU's earn or burn Challenge will be the first in the Houston metropolitan area and is an effort to promote financial literacy in the community by forcing members to think smart about money.
Rising to the challenge are the Presleys, the Littles, the LeDoux Family, and Serena Ovalle. Actress-model and spokesperson Nellie Gonzales will be reporting on the progress of each family during the 10-month challenge as they compete for a chance to win a grand prize of $20,000.
Partnering with local television stations, the credit union's challenge has also drawn in local community partners such as Mainland Medical Center and 5 to 50 Networks to help the families improve their financial lives. Amoco coaches provide the education so members learn how to make better decisions. Members can follow the four competing families as they learn how to better their finances and start creating smart saving habits by going to www.earnorburn2009.com.
–mdigiovanni@cutimes.com

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Financial Makeover Contestants Focus on Paring Debt, Building Savings

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