• December 16, 2010

Credit reporting agency Equifax is partnering with personal finance expert and author David Bach to issue a "Debt Free Challenge."

The aim is to get one million people to pledge to pay down $1 billion of debt -- and be entered for a chance to win $10,000 to put toward that goal. The Debt Free Challenge Sweepstakes runs through June 30.

Participants will be automatically entered to win $10,000. They will also receive a free 30-day trial of Debt Wise, and a free downloadable chapter from Bach's new book, Debt Free For Life: The Finish Rich Plan For Financial Freedom.

Debt Wise is Atlanta-based Equifax's online, do-it-yourself debt reduction tool which helps consumers set up -- and stick to -- a debt repayment plan. The program uses the data already in your Equifax credit report and stacks debts to show which to pay off first.--Tanya Irwin