Alberta husband and wife get cozy while looking outside during winter.

How Ahmed Found Happiness After Paying Off $22,000

After making the move from New Brunswick to Alberta a few years ago with his wife, Ahmed found himself unemployed and trying desperately to manage his increasing $22,000 debt load.

“I was paying everyone separately and it wasn’t easy to keep track of,” he reflected. “And with a combined interest rate total of 56%, it was near impossible to get ahead of my monthly payments.”

Despite his best efforts, he started missing payments and getting constant calls from collections. It was then that Ahmed knew he needed help.

The path to Money Mentors

While researching options in his new city, he was told by an agency that bankruptcy was his only option. However, Ahmed knew he had to find another way to deal with his debts. That’s when he found Money Mentors.

At his first meeting with his Money Mentors counsellor, Ahmed learned about the Orderly Payment of Debts (OPD) program and instantly felt that it was the right path for him.

“The best part about the OPD program was that my combined interest rate went from 56% to 5%,” he said. “You have no idea what a relief that was.”

Teamwork makes the dream work

The first thing Ahmed and his wife had to do was create a spending plan. Together, they prioritized their expenses and bills, cutting those they deemed unessential. Working together as a team was a game-changer for this couple. No longer did Ahmed feel alone in his struggles.

Committing to the OPD program from the very first day, they both found ways to increase their income. She took a job to help support their goals and he started working six days a week, taking on extra jobs in the evenings and in his spare time. Any extra money they made went straight into their savings account.

“Every time we made a payment and saw our debts decrease meant we were one step closer to reaching our goals.”

Hard work pays off

While the OPD program is intended to be a five-year program, Ahmed was able to pay off his debts in just 16 months. An incredible feat for someone who felt uncomfortable with his financial situation not so long ago!

“It felt like receiving a new diploma after studying hard and earning an A+,” Ahmed joked, reflecting on the day he made his last payment.

And although his studying days are long behind him, Ahmed and his wife made the effort to learn more about personal finance while on the OPD program.

“Money Mentors’ free online courses were an awesome way to learn better money habits and gain financial knowledge that’s hard-to-find elsewhere.”

Planning their debt-free future

So how are Ahmed and his wife planning on celebrating their newfound financial freedom?

“The first thing we’re going to do is start our own side business to generate more income,” Ahmed answered excitedly.

They also plan to start regularly contributing to their joint RRSP account and save up money for a house―something they hope to be able to do soon. They have lots of financial goals in mind and can’t wait to make them happen!

“I can’t thank Money Mentors enough for all their help,” Ahmed said. “For anyone that’s going through the same situation I put myself in, find a mentor to help you focus. Money Mentors is the place for you!”


Money Mentors would like to thank Ahmed for sharing his story. Congratulations on becoming debt-free!

If you would like to share your story, please contact our Marketing Manager.

Recent posts

How David Paid Off $36,000 of Debt to Regain Financial Freedom

Read More

How Teresa Stopped Overspending to Pay Off $106,000

Read More

Feeling overwhelmed these days? Let us help.