Debt Consolidation Care is an internet “get out of debt” community, and has over 545,503 members. The company was started in 2004 by Vikas Kedia, and is owned by InterNet Technologies Inc. Debt Consolidation Care is based out of Nevada, and aims to help its customers get out of debt and into financial freedom. The company strives not only to get their customer debt free, but also to educate and guide with money management tips.
The company provides easy solutions out of debt problems, and offers a variety of helpful resources, like debt calculators and educational articles. Financial coaches and counselors are IAPDA certified, and customers can take advantage of a free debt consultation. However, the website lacks information on costs, interest rates, and fees.
- Memberships with established organizations
- Educational resources
- Online Dashboard
Customers can enjoy free debt counseling and assistance, 24/7. The company offers information on a debt consolidation program, a debt consolidation loan, credit card consolidation, and payday loan consolidation. Through debt consolidation, you can expect to replace multiple bills by one convenient monthly payment with a reduced interest rate.
The website provides ample information on how to apply, what to do before applying, and what these consolidation programs entail.
Debt Consolidation Care claims to help customers lower their monthly payments and interest rates, waive late fees, and reduce the number of collection calls. The company also offers information on a do-it-yourself consolidation program that helps consolidate multiple credit card bills.
Debt Consolidation Care Steps
After signing up, you can expect to proceed with the following steps:
1. Free Counseling
In this step, Debt Consolidation Care will reach out by phone to discuss your current financial situation. The counselor will review your case and determine the best consolidation and debt repayment plan.
2. Introductory Session
The financial coach will help setup the client portal, and list out all of the creditors, debts, and interests. The financial coach will also help customers prepare a monthly budget plan. From there, customers will be assigned to a Client Relationship Manager.
3. Debt Resolution
Here, the Relationship Manager will negotiate with the customer’s creditors and help reduce the interest rate. The Relationship Manager will also prevent Collection Harassment.
Debt Consolidation Care is centered on providing customers with free and helpful consolidation resources. Customers receive free counseling with certified counselors over the phone, but can also find a lot of helpful educational resources online. Articles, financial infographics, consolidation calculators, forums, and videos are among the many learning options available.
- Eligibility requirements
- Lacking accreditations
- Lacks transparency
The website explains that to be eligible for the debt consolidation program, you must have a good credit score, a source of monthly income, and not too low of existing dues.
Lacks Fee Information
While the website explains that debt counseling services are free, the website does not elaborate on fees at all. It is unclear if their services include monthly, cancellation, or late fees. Interest rates are not given, and cost information on the company in general, is very unclear. In addition, Debt Consolidation Care does not specify if its consolidation services are backed by any kind of satisfaction guarantee.
While Debt Consolidation Care does hold International Association of Professional Debt Arbitrators (IAPDA) accreditations, it appears that is the extent. The company does not specify whether consolidation services are fully Federal Trade Commision (FTC) compliant, or if the company is accredited with the following organizations:
- International Organization for Standardization (ISO)
- Financial Counseling Association of America (FCAA)
- American Fair Credit Council (AFCC)
Lacks Outside Feedback
Even though the company has been in business since 2003, there is hardly any outside feedback or reviews from customers in reliable publications. There are very few reviews online that explain how Debt Consolidation Care helped customers with the consolidation process.
There is a portion of Debt Consolidation Care’s website dedicated to customer testimonials, but it is confusing, and does not clearly present the testimonials.
Poor Live Chat Feature
Customers who want immediate answers to questions can always utilize the free “live chat” feature. However, this option is buggy, and does not often function correctly.
Frequently Asked Questions
Consolidation or Personal Loan?
Debt Consolidation Care offers assistance on both a debt consolidation program and a debt consolidation loan. With the debt consolidation program, customers can organize an affordable once-a-month payment plan. The program helps customers to pay off their debt within a certain time period.
The consolidation loan is a personal loan from a financial institution, and is used to pay off creditors immediately. This loan lets customers combine multiple loans into one convenient monthly payment, and is easily acquired for those with a good credit score.
What Is The Monthly Fee?
The website does not explain monthly fees, or provide any information on fees in general. Debt Consolidation Care also does not list any interest rate information.
Are There Any Upfront Fees?
Debt Consolidation Care’s website does not disclose upfront fees.
What Is The Cancellation Policy?
The website does not provide any information on a cancellation policy or cancellation fees. It is also unclear whether or not the company offers any kind of money-back guarantee.
Can I Get a Free Consultation?
Customers can enjoy a free, no-obligation counseling session with an expert and IAPDA certified counselor. In the session, customers will work with counselors to figure out how much they can pay, and save on their debts. The counselor will also go over your financial circumstances, and figure out what debt management option fits your situation best.
About Debt Consolidation Care
Debt Consolidation Care provides free debt counseling and assistance. In addition, the company provides abundant educational resources, and consolidation help. Regarding consolidation, the company works with a debt consolidation program, a do-it-yourself consolidation program, a consolidation loan, payday loan consolidation, and credit card consolidation.
Consolidation is the process of combining multiple debts into one convenient monthly payment, with a negotiated interest rate. Debt settlement is the process where a company negotiates with your creditors to negotiate or settle your debts. These debt relief options are alternatives to bankruptcy, and ideal for people struggling to make their minimum monthly payments.