Consolidated Credit has helped clients hammer away millions of dollars worth of debt since 1993. Since opening, Consolidated Credit has helped over 5 million customers with debt issues. The company boasts highly competitive rates, industry accreditations, and holds a positive reputation with online customer reviews. Consolidated Credit also offers educational resources to increase financial literacy with customers who want to learn more. Some of these resources include webinars, calculators and articles on various finance topics. Consolidated also offers a community outreach program to provide financial education.
Consolidated Credit is one of the biggest companies in debt consolidation – the company has been featured in CNN, Forbes, MSNBC, and more. By making one (lower) monthly payment with them, you can reduce your credit card debt by 30-50%.
- Great interest rates: consolidate credit card debt at 6 to 10%
- Great upfront price: $0-49 per month
- Available in all 50 states
- Debt consultants are CPFC certified
- ISO certified company
Years of Industry Experience
Consolidated Credit is one of the oldest names in the industry, having accumulated over 20 years in business. During that time, it has built a reputation for total professionalism, offering free debt consultations for potential clients and CPFC certified debt counselors.
Low Fees Yield High Savings
Debt consolidation in a government regulated industry. If you choose to work with a certified company, you will find that most companies charge about the same prices, and that prices vary by state. Consolidated Credit is no different – charging an upfront fee anywhere from $0 to $49, and a monthly fee up to $69.
Less regulated are the interest rates Consolidated Credit can talk your creditors down to. The company also claims to get credit card interest rates down to an average of 6 to 10% APR – one of the lowest rates in the industry.
Available to All
Each state has its own unique debt consolidation rules. For this reason, not all companies make their services available nationwide. Consolidated Credit makes an effort to comply with the state laws in every state – its services are available to people in every U.S. state.
Accredited Company; Certified Staff
The company is ISO certified and is accredited with the FCAA (Financial Counseling Association of America).
Gary Herman, the president of Consolidated Credit, has been working with the company for over 20 years. He has training as a certified credit counselor and is also the vice president of the FCAA – an important organization that ensures companies provide the best debt relief.
Positive Customer Reviews
Customer reviews frequently cite the staff’s professionalism and overall quality customer service. Many of the reviews commended Consolidated for the ease of contact and polite, helpful staff members who guided clients every step of the way. Some reviews are from users who used the free consultation but did not end up using Consolidated’s services, yet felt they were able to walk away more knowledgeable about their best course of action after the consultation.
Both the upfront-fee and monthly fee rates are subject to the state where the consumer reside, who the creditors are and the amount of money owed.
- Potentially higher fee than industry average
- Not NFCC certified
- Lack of transparency
Although their monthly fee is not significantly high, it is pricier than the industry average. Consolidated Credit charges a fee up to $69 to get set up with their service, which is a little higher than some of the competition. This is most likely offset by the monthly savings and much lower interest rate they provide. While this higher fee may be worth the savings in the long run, it is worth noting to potential customers.
Not NFCC Certified
Consolidated Credit is not certified with the NFCC (National Foundation for Credit Counseling). There are several other companies in the debt consolidation industry that do hold this certificate. Accreditations and memberships can be an important feature to look for when choosing a company to work with. These associations require accredited companies to keep a certain standard of best practices. This helps to ensure that customers are receiving quality services. While Consolidated Credit is not certified through NFCC, they are certified with other organizations, such as ISO and FCAA.
Lack of Transparency
Consolidated Credit does not have much information available on its website. Consumers are urged to call or apply online to receive more information. We would like to see all of their information available on their website. Transparency helps customers while they are searching for the company that best fits their financial needs. Posting the average fees and interest on a company’s website helps potential customers save time and makes the company seem more trustworthy and credible.
Frequently Asked Questions
Does Consolidated Credit Offer Consolidation Services or Personal Loans?
Consolidated Credit is a nonprofit consolidation company. Rather than providing a loan to consolidate all of your debts, the company negotiates with your creditors to secure lower interest rates. Then, you make a single monthly payment to Consolidated Credit, who then makes the payments to your creditors for you. The company offers a database of debt education materials and credit counseling that compliments its debt consolidation services.
What Is The Monthly Fee?
In order to use Consolidated Credit’s services, consumers are required to pay a monthly membership fee of no more than $69. The membership fee depends on the state where the consumer resides, who the creditors are and the amount of money owed.
Are There Any Upfront Fees?
Consolidated Credit charges an initial setup fee depending on which state a consumer resides in. The standard fee for most states is $49, but in some states you could be charged less or nothing at all.
What Is The Cancellation Policy?
Consolidated Credit’s cancellation policy allows a consumer to cancel in most cases for a $25.00 fee, and they keep the fees and payments collected from the consumer prior to the cancellation. However, if the consumer decides to cancel within three business days of the day the contract is signed, then they are not subject to the $25.00 fee.
Can I Get a Free Consultation?
Yes. As a consumer, you can easily receive a free consultation through Consolidated Credit’s website. You are required to provide your name, email address, phone number, state, and an estimation of how much debt you have in order to receive the consultation.
About Consolidated Credit
Since 1993, Consolidated Credit has helped consumers manage and eliminate debt. The company is a true consolidation company that helps combine all credit card debt into one monthly payment at a lower interest rate. In an experience from one of the company’s customers, Consolidated Credit was able to help the customer consolidate $50,000 of debt on multiple credit cards into one monthly payment and reduce their interest rates from 29% to 6%. On top of debt consolidation, Consolidated Credit also offers services with budgeting, credit counseling, financial distress from life events counseling, financial advice, and housing counseling.