Freedom Debt Relief (FDR) may be widely known as an agency or organization that assists people with debt issues in terms of debt settlement, negotiation and even counseling. Many people with credit card debts have opted to sign up with FDR so that they may not have to face the hardship of paying off their debts on their own. Although many people may choose to do it all themselves, sometimes it may be a good idea to seek help when it is needed. One shining example is my good friend, Wilson. He is one of many people who often resorted to making purchases on their credit cards without thinking twice. But he is also one of the few people who are determined and focused enough to be able to pay off their mounting credit card debts and at the same time avoid incurring more debts along the way.

It helped that Wilson does not hate numbers. In fact he’s rather quick with numbers. Wilson started reorganizing his credit cards. He gathered all relevant information regarding his credit cards including the balance, interest rate, due date and minimum payment for each card. He discovered that he had one big balance on one card and several small ones. So he started arranging his cards from the one with the highest interest rate to the lowest. Coincidentally the card that had the biggest balance also happened to be the card with the highest interest rate. After several discussions with his financial advisor he decided that was the card that he would have to pay off first followed by the credit card with the second highest interest rate.

Wilson also knew that simply paying the minimum required amount on his credit card was not going to do him or his credit card debs any good. So he paid significantly more than the minimum amount. For example, for the card with the biggest balance and highest interest rate, he immediately paid up to 75% of the amount that he owed on the card simply because he had that much money at the time. For the following payments, he finished off the debt on the first credit card and immediately cancelled it once all payments were made. He then proceeded to the credit cards with the smaller balance amounts. When he could afford to, he paid for several credit cards all at once. The credit cards that he had already paid for, he cancelled.

Wilson was not just trying to pay off his debts but also attempting towards living a life free of debt. That is why along the way of paying off his credit card debts, he also cancelled the credit cards that he had already paid for in full especially the ones with higher interest rates. Wilson decided to keep only one credit card out of the many credit cards whose debts he had already paid for. The card he kept until now is the one with the lowest interest rate. Even so, he makes it a point to limit the use of the card to purchasing gas for his car and nothing else. By doing so, he is still able to maintain good credit score even with just one credit card. At the end of every month, he manages to pay the balance on this one credit card in full because he already allocates a certain amount for gas. So basically he does not really have to worry about going over the limit or incurring even more debt because he is merely using his credit card to establish good credit.

Not many people could have done what Wilson obviously managed to pull off. He set his pride aside and engaged the help of debt relief program providers to monitor the steps and changes that he decided to take to start a new lease on life. Now Wilson is relatively credit card debt free and is only making payments on his mortgage instead of unsecured debts.

Author Bio: freedom debt relief

Category: Finances
Keywords: freedom debt relief