American Debt Counseling is calling on consumers in debt to submit a funny and creative video portraying how they would feel if they were suddenly debt free. Three winners will be selected. A grand prize of $5,000, a second place prize of $1,000 and a third place prize of $500 will be awarded in the form of direct payments toward winners’ existing credit card balances.

Alan Silverberg, founder and CEO of American Debt Counseling, a 501 © (3) not-for-profit credit counseling agency, said, “I am hopeful that our Here’s Me Debt Free campaign will inspire America’s consumers to imagine a life free from crushing credit card debt. Last year alone, our credit counselors helped clients pay off more than $37 million in credit card debt.”

Anyone 18 years or older living in the US with an excess of $500 in credit card debt is invited to use a camcorder, camera or mobile device to record and submit a video clip no longer than three minutes. Videos will be judged on originality, creativity, adherence to theme and number of page views generated.

The contest, which launches today, runs through 11:59 p.m. Eastern Time on July 31, 2010. Winning videos will be announced in September and available for online viewing at americandebtcounseling.org/heresmedebtfree and on the American Debt Counseling Facebook page.