Sort by:
Your state:

Consolidated Credit
verified
Companies can verify their Best Company profile through contacting us. Once a company profile has been claimed and verified by Best Company, we work with the company to ensure the information on our site is as accurate as possible.

company logo #1

69Reviews

1 year ago

8.6

Our Score

9.8

User Score

DebtGuru
verified
Companies can verify their Best Company profile through contacting us. Once a company profile has been claimed and verified by Best Company, we work with the company to ensure the information on our site is as accurate as possible.

company logo #2

12Reviews

2 months ago

8.4

Our Score

9.8

User Score

DebtWave Credit Counseling
verified
Companies can verify their Best Company profile through contacting us. Once a company profile has been claimed and verified by Best Company, we work with the company to ensure the information on our site is as accurate as possible.

company logo #3

98Reviews

1 year ago

8.2

Our Score

9.5

User Score

Accredited Debt Consolidation
verified
Companies can verify their Best Company profile through contacting us. Once a company profile has been claimed and verified by Best Company, we work with the company to ensure the information on our site is as accurate as possible.

company logo #4

0Reviews

1 second ago

6.1

Our Score

--

User Score


3 Things to Know Before Choosing a Debt Consolidation Company

Debt consolidation is the process of combining multiple debts into one monthly payment. It is typically used for unsecured debt and is ideal for individuals with high interest rates, high monthly payments, and multiple creditors. The main advantages include lower, more manageable monthly payments and reduced interest rates. Through this process consumers can pay off their debts without negatively impacting their credit score. There are several forms of debt consolidation: do-it-yourself methods include credit card balance transfers, personal loans, and home equity loans. Many debt consolidation companies are actually credit counseling agencies and use debt management plans. However, there are some companies that offer consolidation loans.

Debt Consolidation Process

When customers work with a debt consolidation company the process typically begins with a free consultation. The company performs a credit counseling session to evaluate debt, credit, and available income. Once a thorough investigation has been performed, eligible applicants will be enrolled in a debt management program. These companies often negotiate lower interest rates with creditors. Customers will then pay one, streamlined monthly payment. They often pay the agency and the agency pays the creditors. However, some companies offer loans rather than debt management plans. With these loans, all creditors are paid and the customer then pays off the new loan at a fixed, lower interest rate.

Pricing and Fees

A large portion of these companies are nonprofit organizations. As a result they only charge administrative fees. These often take the form of a set monthly fee. Some companies also charge set up and cancellation fees. There may also be fees for late payments. It it important to discuss all service fees before selecting a debt consolidation companies. Companies that use loans, rather than debt management plans, have an set interest rate. For the loan to be beneficial the interest should be lower than the original rate. There may also be origination, late, or cancellation fees.

Certifications and Accreditations

Top ranked debt consolidation companies employee certified credit counselors. These counselors are trained in debt management, budgeting, and credit. There are several organizations that provide certification and accreditations. Major accreditations include the Financial Counseling Association of America (FCAA), National Foundation for Credit Counseling (NFCC), Certified Personal Finance Counselor (CPFC), and National Association of Certified Credit Counselors (NACCC). These organizations regulate the training of counselors and ensure that companies adhere to high standards. The Federal Trade Commission warns against any debt relief company that requires advanced fees. Reputable companies will explain fees before customers sign up for services.