Mint's 'Drop Your Debt Challenge' pays you to get out of debt logoHave you been looking for an added incentive to drop your debt and start living a better financial life? Well if the lack of credit card payments and money spent on interest isn't enough's new Drop Your Debt Challenge is prepared to put Mint's money where your wallet is and give you a kick start out of debt.

The Drop Your Debt Challenge is aimed at harnessing the power of competition to help people get a handle on their debt. In a press release about the challenge, CEO Aaron Patzer said, "We learned people were much more willing to talk about money than before, especially to share what works.

The Drop Your Debt Challenge is designed to motivate people to take charge of their finances and to help others do the same. The challenge will consist of 10 city teams charged with two tasks -- decreasing their debt and increasing their savings. The first 200 people to join the winning city team will be awarded $100 each. If your specific city isn't listed, don't worry. You can still enter the challenge, simply choose the closest city team.

In addition to the winning city team prizes there will also be four $1,200 prizes awarded throughout the contest. These sweepstakes prizes will be open to anyone who registers for the contest. Finally, the person who gets the most entrants to join will be awarded a $5,000 prize.

Grouping teams together in a similar geographic setting, and encouraging the members to share tips, is a really great way to kick off a debt reduction challenge since the tips that work in the Midwest may not always have as much impact in New York City or on the West Coast. If there's anything we learned from using's Everybody's Money tool, it's that people in different areas spend differently so learning from other people in your area makes sense.

If you want to give your team a leg up we encourage you to read WalletPop's coverage on Budgeting, Saving Money, Credit and Debt where you can find tips and tactics for dropping your debt.

When it comes to earning more money to pay down your debt or save more check out WalletPop's 25 Ways to Make Quick Money and read up on holiday hiring. I also recommend checking out I Will Teach You to Be Rich, where you can learn about making more money. Specifically check out the Earn1k where author Ramit Sethi will help you on your way to earning your first $1,000 of on-the-side income

Signing up takes about 5 minutes and requires that users join, registering on the official Drop Your Debt Challenge page and "Liking" Mint on Facebook. The official city teams, those with the most entrants, will be chosen on November 1.

Corrected on Nov. 12: The original version of this story said that the first 200 people to join the winning city's team would win $200 each. In fact, they would win $100 each.
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