How Phyllis Paid off $16,000 of Debt Just One Year Out from Retirement

January 2nd, 2018

In 2015, Phyllis had finally hit her breaking point financially. With maxed out credit cards and a few loans, she realized it might be time to seek help.

“I had gotten myself into a hole,” said Phyllis. “Then I saw the Money Mentors ad on TV.”

“It was like the ad was saying “Phyllis, please call us”,” she joked.

With just over $16,000 of consumer debt, she came in to her first appointment and her counsellor helped her to review the options.

The choice was obvious – and Phyllis quickly completed everything she needed to do to start the Orderly Payment of Debts (OPD) program that month.

Where Did The Debt Come From?

Phyllis admits that her greatest financial downfall was her credit card management. She remembers wanting to buy her first home but being told that without any credit she’d be unable to do so.

That’s when she started applying, and the spending started to become uncontrollable.

“I’m not good with credit cards,” said Phyllis. “I was struggling to make the minimum payments, and then eventually I couldn’t even make those anymore.”

Phyllis was worried that she’d have to look to payday loans to survive, and that was the last thing she’d wanted.

“I was already robbing Peter to pay Paul and it was becoming worse,” she said. “I felt trapped and I was living in an expensive place.”

Seeking Help and Looking Forward

Once Phyllis reached out to Money Mentors, she immediately felt relief.

“Money Mentors stopped companies from calling me,” said Phyllis. “I felt stress free and comfortable knowing that the numbers were starting to go down.”

During her time on the OPD program, clients are required to give up credit and spend only using cash and debit cards.

“It was really good,” said Phyllis. “Because I actually had money.”

Within one year of being on the program, things started going well at work and Phyllis could make larger payments and save more money.

“I learned how to watch my money come in and learn where it was going,” she said. “Money Mentors made me think, the courses gave me good skills, and it got me back to where I needed to be.”

Becoming Debt Free

When Phyllis first described her experience with debt, she mentioned that it was time to take a leap. Money Mentors was that leap, and she still gives thanks for helping her accomplish her goal of debt freedom.

“It felt great,” said Phyllis about the day she sent in her last payment. “It felt so good to hit send.”

Preparing for her retirement next March, Phyllis is saving as much money as possible and vowed to only ever keep one credit card again.

She is also spreading the word to her friends and family going through a similar situation to call Money Mentors and seek help.

“I am able to help my family financially now, and I wouldn’t be able to do those things if I still had debt,” said Phyllis. “It feels good not to have debt.”


Begin 2018 free from debt – chat with one of our Debt Counselors about the OPD Program today!

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