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.
- Live chat
- Accredited counselors
- Low average interest rate of 7.00%
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.
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.
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.
- 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.
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:
- New York
- Puerto Rico
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.
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.