#MyFreedomDebtStory: The Story, the Contest, the Winners
- UpdatedAug 22, 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 by the numbers
We looked at a sample of data from Freedom Debt Relief of people seeking debt relief during July 2024. This data reveals the diversity of individuals seeking help and provides insights into some of their key characteristics.
Debt relief seekers: A quick look at credit cards and FICO scores
Credit card usage varies significantly across different age groups, reflecting diverse financial needs and habits.
In July 2024, the average FICO score for people seeking debt relief programs was 579.
Here's a snapshot by age group among debt relief seekers:
Age group | Average FICO 9 credit score | Average Credit Utilization |
---|---|---|
18-25 | 567 | 83% |
26-35 | 575 | 80% |
35-50 | 576 | 78% |
51-65 | 579 | 76% |
Over 65 | 592 | 71% |
All | 579 | 77% |
Use this data to evaluate your own credit habits, set financial goals, and ensure a balanced approach to managing credit throughout your life.
Credit card debt - average debt by selected states.
According to the 2023 Federal Reserve Survey of Consumer Finances (SCF) the average credit card debt for those with a balance was $6,021. The percentage of families with credit card debt was 45%. (Note: It used 2022 data).
Unsurprisingly, the level of credit card debt among those seeking debt relief was much higher. According to July 2024 data, 89% of the debt relief seekers had a credit card balance. The average credit card balance was 15428.
Here's a quick look at the top five states based on average credit card balance.
State | Average credit card balance | Average # of open credit card tradelines | Average credit limit | Average Credit Utilization |
---|---|---|---|---|
Connecticut | $18,086 | 9 | $28,471 | 73% |
New Jersey | $18,055 | 9 | $28,169 | 74% |
Massachusetts | $17,497 | 8 | $26,116 | 76% |
Maine | $17,454 | 8 | $27,088 | 78% |
Montana | $17,346 | 7 | $26,114 | 77% |
The statistics are based on all debt relief seekers with a credit card balance over $0.
Are you starting to navigate your finances? Or planning for your retirement? These insights can help you make informed choices. They can help you work toward financial stability and security.
Regain Financial Freedom
Seeking debt relief can be the first step toward financial freedom. Are you struggling with debt? Explore options for debt relief to regain control of your finances. It doesn't matter how old you are or what your FICO score or credit utilization is. Take the first step towards a brighter financial future today.
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