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How This Man Broke the Credit Card Debt Cycle to Head into Retirement Debt Free

August 30th, 2017

When Floyd S. first walked in to the Money Mentors office to meet with his counsellor, Iris, he was looking for any option other than bankruptcy.

“I had four credit cards,” said Floyd. “The minimum payments for each was reaching $300 a month, and one of them had an interest rate of 29%.”

For most of Money Mentors clients, high interest is what causes them to struggle making payments and to fall behind on bills. The Orderly Payment of Debts Program promises a 5% interest rate on your consolidated debts, which is what Floyd’s counsellor, Iris, suggested as his best course of action.

After reviewing all his options, Floyd went ahead with the OPD program to pay off his $13,765.24 debt load, and never looked back.


Every financial journey starts somewhere – whether it’s a significant move, career change, or health problems – there is always a beginning.

When asked how he got into this situation, Floyd simply said “I just bought too much stuff.”

According to Equifax, Albertans have the highest average debt load in all of Canada, sitting around $27,000. Most people wait until it’s too late – but Floyd didn’t want to let it get that far.

“It was stressful because there was just no way I could make some of the payments,” he said.

“I knew I was never going to pay it off without help.”


The hardest part of the program for Floyd, and many of our clients, was being on a cash-based diet and having to give up all forms of credit.

For most of us, relying on our VISAs and MasterCard’s when we are tight for cash is the first place we reach for in our wallet.

Floyd says he even told some of his friends about Money Mentors, but their biggest fear was losing that comfort. He finds it made him value his money even more.

“I have one credit card now, and I pay it off every single month.”

For anyone who can’t imagine living their life credit-free, Floyd recommended a prepaid credit card during their time on the program.


“I’m just about 65 – so knowing that I have no more payments is a huge relief,” said Floyd, who is currently heading into retirement.

When asked how it felt to finally be debt-free and in control of his finances, he sounded relieved in saying, “I was glad”.

To this day, Floyd still monitors his spending and keeps a budget, to keep his buying habits in check.

“It’s hard to do it, but we are trying,” said Floyd. “I’m finally living comfortably.”

We ended our discussion with Floyd hoping that anyone else struggling financially would reach out for help. He knows there are a ton of people out there trying to make ends meet, and his suggestion is to “use Money Mentors”.

“It worked for me,” said Floyd. “Simple as that.”

Money Mentors would like to thank Floyd for coming forward and sharing his story, and also give some enormous congratulations on his future of living life debt free!

If you would like to share your story, please contact us at

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