Virtual Debt be Gone

We all know struggling with debt is hard—made even worse by the high gas prices, cost of food, and personal affects such as shoes and purses. OK, maybe we could live without the last part of that, but most ladies can attest that it’s difficult! In an effort to help women curb their spending and lower their debt, some readers of MSN’s Women in Red column formed a group called Women in Red Racers.

The idea behind the group is that a woman will race against herself to pay off her debt, while the other Red Racers do the same to help support one another. It’s an online community where members are required to post how much they owe and provide regular updates on their progress or slips. Those who fail to update are removed from the active list, so it really provides a sense of accountability to those who are serious about getting out of debt.

Ladies, what do you think? Is group support something that would help motivate you, or would you feel uncomfortable posting your success and failures? [MSN]