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Shred Your Credit Card in 2011!

December 30, 2010 By 4 Comments

A lot of people are committed to repairing their finances in the new year and getting rid of debt is a major step in the right direction.  PerkStreet Financial and Lending Club have teamed up to help you with the debt part by hosting a creative contest with a grand prize of $1000!  Wow!

This contest is for you if you’re willing to make a bold move and shred your credit card and stop spending more than you have in your bank account.  Or, you might be tired of messing around with credit card companies and want to show them whose boss.  Either way, this is a great motivator for people to get on the right track in the new year and possibly pay off $1000 in debt.

How does the contest work?

I’ve reposted the instructions below from the www.shredyourcreditcard.com website.

At the end of the contest, I get a $25 gift card to give to my favorite submitter from among the people who cite OMD as the place they heard about the contest.  (There’s a dropdown on the submit page listing blog participants so don’t forget to select OMD.)

  • Cancel a credit card. (Make sure you disguise your credit card number in your video, just to be safe.)
  • Film yourself talking about why you’re done dabbling with debt this year, or record the most creative way you can think of to destroy your card.
  • Submit your video to ShredYourCreditCard.com
  • Vote for yourself EVERY DAY and encourage others to do the same on Facebook and Twitter, or via email.
  • Check ShredYourCreditCard.com every Wednesday through the end of January to see if you’ve won a weekly prize.
  • Visit ShredYourCreditCard.com on Shred Your Credit Card Day (Jan. 31) to see if you’ve won the GRAND PRIZE ($1,000) or any of the Second Place prizes ($300 each).

Visit www.shredyourcreditcard.com to submit your entry and learn more.

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About Jason Price

I'm Jason Price and welcome to my personal finance blog. I'm a husband, dad, financial coach, blogger and small business owner. I'm passionate about biblical financial stewardship and doing my best to faithfully manage my finances, career, and small business.

  • http://www.krantcents.com krantcents

    Although i would participate in this kind of contest, I don’t believe in shredding a credit card. It is important to learn how to use a credit card responsibly. It is analogous to giving up food if you were fat. Don’t do that and don’t shred your card.

  • http://www.onemoneydesign.com Jason Price

    krantcents, I agree using a credit card is about about wise money management. You’ll find in the archives I’m not against having a credit card, but am against credit card debt. It can be avoided by not spending more than you can pay off each month.

    I think the contest is a great motivator for making financial change and getting out of debt. That may mean getting rid of several cards to have one, or to make a radical move and do away with them all together.

  • Steve M.

    It appears that Jason shares Dave Ramsey’s views about credit cards. To Dave, they are never to be used under any circumstances. I beg to disagree. Granted SOME people should never have credit cards because they cannot handle the temptations to overspend., I, however use them regularly for convenience, the protections that they offer in terms of theft fraud, quality of service, warranty extensions, etc. and cash back. I recently took advantage of one of my card’s promotions offering 5% back on health related expenditures. I paid my dentist , prescriptions and a medical bill with the card and got almost $100 in cash back. Guess how much I would have gotten back with cash?–nothing. Not that I did the charges ONLY for the cash back, but it was icing on the cake. I NEVER carry a balance, never pay interest or a fee. When merchants begin offering a discount for cash (and I think they should), I will likely use cash more.

    • http://www.onemoneydesign.com Jason Price

      Mark, actually, I’m not against credit cards as I mentioned in the above comment. I think people have to be wise and pay them off every month as you mentioned in your example. It’s great if you can take advantage of some of the perks while managing the card wisely.