Americans carry a staggering amount of consumer debt.  Our total credit bill -- before you factor in our mortgages -- tops $2.5 trillion, according to the Consumer Credit report released by the Federal Reserve for February 2009. Our total revolving debt equals $955.7 billion, and nationally the average household carries $8,000 in credit card debt.

The Illinois State Treasurer's Office is initiating a campaign called the Debt Reduction Challenge that will address this crippling consumer debt. We are challenging Illinois residents to reduce and eventually eliminate their debt by following our 12-step plan and committing a little extra each month toward what they owe. Our motto is "Cut the Coffee, Save a Latte" because we know an additional $25 a month (the equivalent of a week's worth of coffeehouse trips) adds up over the long-term.

The Debt Reduction Challenge is completely anonymous and voluntary. All we need from you is an email address and the monthly amount you are committing to reduce your debt. Register and begin receiving our monthly emails that will outline the steps to create your own personal debt reduction plan.

If you have any questions, contact us at debtreduction@treasurer.state.il.us today!