DebtWave Credit Counseling, Inc. began as a nonprofit organization in 2001. DebtWave seeks to help consumers get debt free in 3-5 years through financial education, credit counseling, and debt consolidation services. Along with its focus on financial education for consumers, DebtWave is active in the San Diego community with its program called San Diego Financial Literacy Center, which focuses on helping youth, military, and low to moderate income families.

On the downside, DebtWave is not accredited with the Financial Counseling Association of America (FCAA) or the National Foundation for Credit Counseling (NFCC), these accreditations require best practices in the industry and are a good indicator to consumers that the company maintains those standards.

The Good

Company Highlights:

  • Live chat
  • Accredited counselors
  • Low average interest rate of 7.00%

Transparency

DebtWave Credit Counseling (DWCC) is one of the most transparent consolidation companies in the industry. As evidence of this, the company highlights all of the features we look for in debt consolidation companies on its website. The company even provides information on its executives and board members, while many other companies do not.

Great Value

DebtWave is a non-profit organization, and it’s main purpose is to educate people on budget management and help them consolidate their credit card debts. The company offers its services for a low fee of up to $49, which is relatively cheap for the level of service they provide. Additionally, DebtWave estimates that the average interest rate they can secure from creditors is around 7.00%. Most companies in the debt consolidation industry do not disclose this information, which makes DebtWave seem more credible.

Great Reviews

DebtWave reviewers are almost 100% satisfied with the company’s customer service. Credit counselors are knowledgeable, friendly, and help customers really understand the entire consolidation process. People are also happy about the low interest rates DebtWave can secure.

The Bad

Company Drawbacks:

  • No FCAA accreditations
  • No NFCC certificate
  • Higher up front fees ($75)

Lack Of Accreditations

While DebtWave is ISO certified, the company does not hold accreditations with the AFCC or the NFCC. These two organizations help to ensure that consolidation companies adhere to best industry practices. The lack of these accreditations is somewhat surprising due to how long the company has been in business.

Experience And Size

DebtWave is a smaller company (less than 50 employees) that has only been around since 2001. This may not necessarily be a bad thing, but several other consolidation companies have nearly double the experience and staff.

Difficulty Obtaining Information

We should also mention that to get any information about consolidation for you personally, you will need to call them. They do not answer industry- or person-specific questions through live chat or email. This point was verified through user reviews.

Higher Upfront Fee

Another drawback to DebtWave’s services is its higher upfront fee. The company charges up to $75 depending on the program and what state you reside in. Many other companies have a lower upfront fee, only charging around $49 for the initial setup.

Availability

DebtWave is available almost everywhere, which we commend them for. DebtWave is available in 46 states and states that they could someday offer services in all 50. Some of DebtWave’s competitors are available in all 50 states, which allows more customers to use their services. Currently DebtWave does not offer services in the following states and territories:

  • Colorado
  • Kansas
  • Maryland
  • New York
  • Puerto Rico

The Bottom Line

While DebtWave is relatively small, they have many of the features of a great consolidation company. The company may have a slightly higher upfront fee and does not possess some of the major industry accreditations we look for. However, the transparency of their website is very appreciated, as this is not common in the industry. The low average interest rate is also very appealing. The company provides great value to consumers, and consumers have made their opinions known. Therefore, we feel comfortable recommending DebtWave’s debt consolidation services.

Frequently Asked Questions

Does DebtWave Offer Consolidation Services or A Personal Loan?

DebtWave Credit Counseling offers a consolidation service as opposed to a personal loan. Many times, people will try to consolidate all their debts into one loan. DebtWave, however, will work with your creditors on your behalf to secure lower interest rates. Then, you will make a single monthly payment to DebtWave. This program typically takes around 3-5 years to complete.

What Is The Monthly Fee?

The company charges a monthly maintenance fee of up to $49.

Are There Any Upfront Fees?

Yes. Like most other debt consolidation companies, DebtWave charges a fee for the initial setup of the account, which will not exceed $75.

What Is The Cancellation Policy?

DebtWave offers a generous cancellation policy. First of all, DebtWave does not have any contracts for its services, meaning that you can cancel at anytime with notice if you decide not to continue the program. Additionally, DebtWave offers a money-back guarantee on their services.

Can I Get a Free Consultation?

Yes. DebtWave offers a free consultation with a certified credit counselor. The counselor will ask about your information and situation and then make recommendations as to what the best approach will be to reduce and eliminate your debt.

More Information

About DebtWave Credit Counseling, Inc.

DebtWave Credit Counseling, Inc. is a nonprofit organization focused on financial education and debt management. The company was founded in 2001 in San Diego. DebtWave strives to provide pleasant and personal service to its budget management and credit counseling services.

DebtWave also focuses on trying to reach youth, military, and low-to-middle income families through its community outreach program in San Diego called the San Diego Financial Literacy Center. Currently, the company has over 100 community and corporate partnerships to achieve its mission.

Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.

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98 DebtWave Credit Counseling Reviews

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  1. User Score

    10

    August 18th, 2016 Danvers, MA

    This agent could not have been more helpful. Listen to all the details and advised the best program for me.

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  2. User Score

    10

    August 13th, 2016

    Jo Jo the customer service rep was amazing She was so help I will recommend this company to everyone. Sincerely Wendy Seibert

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  3. User Score

    10

    August 11th, 2016 Fort Wayne, IN

    Great customer service. Our rep was able to work with our schedule, was very friendly, and did an excellent job getting our stuff together. Looking forward to getting this burden off our shoulders!

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  4. User Score

    10

    August 10th, 2016 New Haven, CT

    I had scheduling problem to set up a call time, but Jo-Jo worked with me to make it work. Even though I had to reschedule several times due to missing cards or info, she was patient and made it possible to apply for the repayment plan.

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  5. User Score

    10

    August 9th, 2016 Waycross, GA

    Rebecca was great, most helpful, was so patient and understanding, explaining all the
    workings of the plan!! I can not wait to get started and become debt free!!! Rebecca is my
    guardian angel

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    1

  6. User Score

    10

    August 3rd, 2016 Sioux City, IA

    Very friendly n extremely friendly

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  7. User Score

    10

    July 29th, 2016

    Her name was Rebeca and she was one of the nicest people I’ve have ever delt with. She was patient and very helpful. My computer skills are not the best, but she made me feel good about how I was doing. Thank you, it was a good expeirence. I am happy I decided to apply. And am sure it will be great for me to do this .thank you, and thank you Rebeca

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    2

  8. User Score

    10

    July 28th, 2016 Houston, TX

    Great service, she answered all my questions and made the prices smooth

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  9. User Score

    9

    July 26th, 2016 Lake Forest, CA

    I had a lot of concerns and questions, and they were very kind and answered all of them thoroughly.

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    1

  10. User Score

    0

    July 22nd, 2016 Warrenville, SC

    Worst experience of my life

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    1

  11. User Score

    9

    July 21st, 2016 Piscataway, NJ

    Worked with Rebeca who was very patient and understanding, even when I wasn’t. I appreciated her calm demeanor and thorough help to get this process going.

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    1

  12. User Score

    9

    July 15th, 2016 Brunswick, GA

    I needed assistance with debt consolidation. JoJo was very helpful and knowlegable

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  13. User Score

    10

    July 14th, 2016 Los Angeles, CA

    More than awesome customer service. For me to have someone that is understanding, nonjudgmental, and just wants to execute a plan is exactly what I needed. This opportunity is truly a huge blessing, and has come at the exact perfect time.

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    1

  14. User Score

    10

    July 13th, 2016 Leander, TX

    very pleased with all of the information that that you were able to provide.

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  15. User Score

    10

    July 7th, 2016 Mililani, HI

    Jojo was very helpful and understanding. Very informative and explained every step of the process clearly. I’m very thankful to have had a wonderful experience.

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  16. User Score

    10

    July 5th, 2016 Jefferson, GA

    Jo-jo Sanchez was very friendly and made me feel like a person rather than just another client. Great customer service is what I will say when I am asked about Debtwave just from what I have experienced so far. Thank you all for your help in getting my financial goals in order!

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  17. User Score

    9

    June 29th, 2016 Whitehall, PA

    Completely wonderful experience. A highly professional interview with guidance to a practical solution.

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    1

  18. User Score

    10

    June 24th, 2016 Los Angeles, CA

    JoJo Sanchez is the exact kind of person you’d want to guide you in your journey to financial stability. She is patient and explains everything in explicit detail. This program is NOT a scam and is saving me money. I will be debt free in 4 years and cannot wait. Thank you JoJo for your professionalism, guidance, and great communication. If you are researching this is the company to go with. I researched debt settlement as well and that seems to be way more illogical for me. Another plus with DebtWave is if you want to pay early you can. Some companies do not want that so they can keep collecting their monthly service fees. DebtWave is there to help you get out of debt faster! Anyone looking to get out of debt should consider this program. This was the solution. Thank you JoJo & DebtWave!

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  19. User Score

    5

    June 21st, 2016 Springfield, NH

    We went with debtwave in 2011 as they came recommended by another highly reputable company. We had a 4 and a half year pay down plan. All was well until the end. We contacted the company verbally and through live chat on several different occasions. We tried to arrange to pay off our account a month early because the remaining balance on our account was so small, that we tried to avoid paying the monthly service fee for the last month. After at least 10 times contacting this company, they still refused to get the account paid off despite telling us that it would be taken care of. Then they tried to charge us the service fee for the last month. They eventually agreed to waive the fee, but only after having to argue with them. Apparently they are set up to discourage early pay offs in order to get their monthly service fee. As a lesson to debtwave, I hope that you realize that the difference between a positive review and a negative review is a very fine line. Because of this incident, I would hesitate to recommend this company to anyone else

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    1

  20. User Score

    10

    June 9th, 2016 Boise, ID

    Jo Jo was very helpful and knowledgeable. She was professional; I was very impressed.

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