MADISON, Wis.—Katie Press has won $10,000 in Summit Credit Union’s sixth annual Project Money competition.
Press, 33, an academic advisor at UW-Waukesha, who has been burdened by student loans and credit card debt, slashed her debts by $10,324 and added $5,068 to her savings during the course of the seven-month program with the help of her financial coach, Adam Grady.
Press said she was told she had 16 years of loan payments left, an amount that seemed "overwhelming." But she stopped using credit cards and set up two checking accounts and five savings accounts to better track her bills and to start creating emergency funds, according to the credit union. She now estimates that the student loan debit will be paid off in five years.
Press was competing with three Madison area teams, one of which was a family that actually cut more debt, but she earned more points based on percentage change weighed against gross household income and on participation in the program's events, Summit said.
The three other teams each received a $2,500 award. In all, the four teams eliminated nearly $35,000 worth of debt and padded their savings by more than $40,000.