#MyFreedomDebtStory: The Story, the Contest, the Winners
- UpdatedNov 1, 2024
What a year!
Around the country and around the world, everyone has been adapting to a “new normal.” Amid all the changes and adjustments, we’re celebrating! It’s time again to honor some of the best and brightest stories of clients who’ve paid off all the debt they enrolled in the Freedom Debt Relief (FDR) program.
It has been our privilege to help our clients move forward and toward a brighter financial future. To bring some of their inspiring stories to light, we asked program “graduates” to submit videos summarizing their experiences in the program. With great difficulty, we selected five winners to receive $5,000 each, to help them toward their next financial goal. Join us in celebrating the winners of the Second Annual #MyFreedomDebtStory contest!
The Contest
The goal of the #MyFreedomDebtStory contest was to hear real stories from real clients who graduated from our program, in their words, about their experiences in the Freedom Debt Relief program. We invited our graduates to submit short videos and confirmed that each submission was from a FDR graduate.
Our panel of judges – six experienced professionals from the Freedom team – reviewed and evaluated each video, using a specific set of criteria and an objective point system. Key criteria we looked for included:
Adherence to theme: How FDR helped in addressing the client’s debt and moving their finances forward
Content: Compelling elaboration around aspects of the program that were particularly helpful and relevant for the client
Tone: Authenticity, depth of genuine feeling, ability to inspire others
Video production and quality, including clear audio and articulation
We’ve been absolutely stunned by the heartfelt stories, gratitude and emotion our graduates conveyed in the videos…and hope you will feel the same. Learn more about these moving stories, and watch their videos, below.
The Winners
Kevin C: “When I did all my research, FDR was the best solution… I was able to talk with a human, someone who actually cared.”
As an actor, personal trainer, narrator and special-events presenter in Los Angeles, Kevin is a gig worker. He is paid not through a salary, but for the individual jobs he does. “That’s where the debt story starts,” he explains. While his bills came in consistently, his jobs and income didn’t, and debt accumulated. After exhausting all other means, he did his research and contacted FDR. “It was extreme stress relief, and an extremely easy process. I just had to make one payment a month in a program that was customized to what I could afford.”
Donna H: “They (Freedom Debt Relief) will work with you. They don’t let go. They hold you through the whole process.”
The North Carolina resident thought she had lost everything. “I had lost my job, I was living off credit cards and I was in debt up to my eyeballs.” Wanting to avoid filing for bankruptcy, she called FDR after reading about the program. She found the agent that day – and every day she called – helpful and hopeful. “It was a joy talking to them. I looked forward to it.” Donna says she was done before she knew it. “It was a glorious day!”
Luis M: “Lo and behold, it worked.”
Luis, from New Rochelle, New York, had just two years left to retire – and was in over his head in debt. “That was a burden I didn’t want when I was retired.” FDR was the opportunity he was seeking to find his way out. “They took me through, step by step, with no hassles.” Today, Luis is retired – and glad he went with the FDR program.
Annette G: “I found compassion, understanding – and a plan.”
In 2016, Annette, a dental professional in Idaho, felt paralyzed, depressed and lethargic. All she could think about was the debt hanging over her head. “I felt I had no options; there was nothing left.” She says she’ll never forget the relief she felt after making her first call to FDR, and how much different her life is today. “It never would have happened had I not made that call. I am so grateful for FDR.”
Melissa N: “I finally could see a light at the end of the tunnel!”
Now retired in North Carolina, the former engineer calls herself a “closet debtor.” Living in New York, Melissa had been working in a lucrative position, and thought she was managing her debt. Instead, she found herself getting deeper and deeper into debt. She kept it to herself; her family, friends and even her children didn’t know about her situation. Feeling “stupid, embarrassed, debilitated and frustrated,” she contacted FDR, and with increased confidence, began the program. “FDR was so helpful and resourceful,” she says. “And after 40 months, I paid off my debt. I had debt relief and stress relief.”
Will Your Story be Next?
Can you relate to where these winners started out, burdened by debt? If so, you’re definitely not alone; and we’re here to help. No matter what your situation, we’ll listen to you and treat you with respect, empathy, and understanding.
When you’re ready to put your debt behind you, Freedom is here, doing what we do best. We hope you’ll be the one sharing the next #MyFreedomDebtStory.
*Disclaimer: The stories told here came from actual graduates of the FDR program and represent their own experiences with Freedom Debt Relief. The graduate’s endorsement is a paid testimonial. Individual results are not typical and will vary.
Debt relief stats and trends
We looked at a sample of data from Freedom Debt Relief of people seeking debt relief during September 2024. The data uncovers various trends and statistics about people seeking debt help.
Credit Card Usage by Age Group
No matter your age, navigating debt can be daunting. These insights into the credit profiles of debt relief seekers shed light on common financial struggles and paths to recovery.
Here's a snapshot of credit behaviors for September 2024 by age groups among debt relief seekers:
Age group | Number of open credit cards | Average (total) Balance | Average monthly payment |
---|---|---|---|
18-25 | 3 | $9,117 | $254 |
26-35 | 5 | $12,438 | $340 |
35-50 | 6 | $15,436 | $431 |
51-65 | 8 | $16,159 | $467 |
Over 65 | 8 | $16,547 | $442 |
All | 7 | $15,142 | $424 |
Whether you're starting your financial journey or planning for retirement, these insights can empower you to make informed decisions and work towards a more secure financial future
Home-secured debt – average debt by selected states
According to the 2023 Federal Reserve Survey of Consumer Finances (SCF) (using 2022 data) the average home-secured debt for those with a balance was $212,498. The percentage of families with mortgage debt was 42%.
In September 2024, 25% of the debt relief seekers had a mortgage. The average mortgage debt was $236504, and the average monthly payment was $1882.
Here is a quick look at the top five states by average mortgage balance.
State | % with a mortgage balance | Average mortgage balance | Average monthly payment | |
---|---|---|---|---|
California | 20 | $391,113 | $2,710 | |
District of Columbia | 17 | $339,911 | $2,330 | |
Utah | 31 | $316,936 | $2,094 | |
Nevada | 25 | $306,258 | $2,082 | |
Massachusetts | 28 | $297,524 | $2,290 |
The statistics are based on all debt relief seekers with a mortgage loan balance over $0.
Housing is an important part of a household's expenses. Remember to consider all your debts when looking for a way to get debt relief.
Tackle Financial Challenges
Don’t let debt overwhelm you. Learn more about debt relief options. They can help you tackle your financial challenges. This is true whether you have high credit card balances or many tradelines. Start your path to recovery with the first step.
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