When the Color of Money Military Challenge began earlier this year, George Colon was not happy.

Not about the thousands of dollars in credit card debt he and his wife had accumulated, and not thrilled about exposing his financial mistakes to readers nationwide.

But George and his wife, Kim, newlyweds when they started the challenge, nonetheless wanted help so bad that they agreed to open their books to me and enlist in my financial boot camp.

“We have been flying on a high-speed spending roller coaster ever since we wed,” Kim Colon wrote to me. “My husband and I really have no idea how to rectify this situation on our own. Please help!”

The Colons were one of three military couples who promised to spend 2008 following the individual plans I had developed to help them get out of debt.

The challenge focused on military personnel because of growing concern about poor financial planning among service members. Personnel with severe financial problems can lose their security clearances or face sanctions.

The Government Accountability Office found that 20 percent of junior enlisted soldiers reported struggling to make ends meet.

The recession has only worsened the problem. Congress was so concerned about service members getting relief that a new law was passed in October that accelerates the process for military personnel who need to file for bankruptcy. The National Guard and Reservists Debt Relief Act of 2008 exempts reserve personnel from going through a time-consuming means test prior to filing for bankruptcy.

It’s not as if top brass hasn’t tried to aid families. The military has created personal financial management programs to provide service members with financial literacy training and help in avoiding or fixing money problems. Unfortunately, not enough personnel take advantage of the service, often fearing exposing their financial troubles might affect their career advancement, according to the GAO.

So imagine how hard it must have been for the three couples participating in this challenge. They received some ridicule and criticism from friends, co-workers and readers and yet they persevered, collectively paying off about $50,000 in debt.

George is a changed man.

Together the couple earns a six-figure income. Kim, 44, is a senior master sergeant in the Air Force. She’s been in the military for 20 years. George served 22 years in the Army. He now works as a contract manager for a security company.

The couple started the challenge with a little more than $30,000 on eight credit accounts. They were spending more than their net pay every month.

Our conversations about budgeting and debt and long-term financial planning turned him around. The Colons no longer spend more than they make every month and have paid off nearly $15,000 in consumer and tax debt.

Tarek and Evibeth Bathiche, both 25-year-old Army personnel stationed at Fort Meade, Md., started the challenge with $27,600 on six credit cards. They have just $4,500 left to pay off.

The couple admits they deviated at times from the plan I set up for them. When Evibeth was pregnant this spring with her second child, Sophia, the family began eating out more. A friend’s funeral also slowed down their debt reduction.

Still, what amazing progress they’ve made. By February 2009 they will be free of all their credit card debt. They made the greatest dent in their debt by taking $10,000 of Tarek’s $11,000 re-enlistment bonus and applying it all to the credit card debt. That was the moment I knew they were truly committed to changing.

The Holmeses, Amber, 38, and Trenton, 39, had the hardest time during the challenge. Like millions of other Americans, they are caught in the housing quagmire. Trenton is an aircraft mechanic and tech sergeant with the Air Force. Amber is a paralegal specialist with the federal government.

Much of their financial trouble stemmed from a second home they’ve been unable to rent for enough money to cover the mortgage and property taxes. Each month they’ve had to add $1,000 to the rent they receive. As a result of the shortfall and other expenses, they were spending about $400 more a month than they brought home.

Once they began to budget, they cut expenses and paid off about $12,000 in consumer debt. I pushed them to put the home up for sale.

In September their tenants made an offer, but it’s $125,000 less than what the Holmeses owe. They are still waiting on their lender to accept a short sale, in which the lender will accept less than the full mortgage amount, often forgiving what debt is left.

I’m proud of how they all performed in the financial boot camp. They all deserve a hooah.