Last holiday season, many consumers vowed to do away with their credit cards once and for all, choosing instead to use cash, check and debit cards in order to avoid increasing their debt.
Now, some lenders are teaming up to offer an unconventional contest for those who want to show their anger at credit card companies.
Lending Club and PerkStreet Financial announced this week they are launching the Shred Your Credit Card contest, which they say will inspire consumers to end their cycle of credit card debt. Rewards of up to $1,000 will be given out to contestants who send in videos of themselves destroying their cards in the most creative ways. All entries must be received before January 28.
“Get out the blowtorch, pop it in the microwave, or drop it in the shredder: just get rid of it,” said Rob Garcia, Senior Director, Product Strategy for Lending Club. “The average credit card debt per U.S. household with credit card debt is calculated to be $15,788, and we want to change that.”
The company says it hopes the contest will turn consumer attention toward low-interest personal loans and other alternative forms of credit.