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 a positive reputation with online customer reviews. Consolidated Credit also offers educational resources to improve their customers' financial literacy. Some of these resources include webinars, calculators, and articles on various finance topics. Consolidated Credit 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%.
- Years of Industry Experience
- Great Upfront Price
- Great Interest Rates: Consolidate Credit Card Debt at 6 to 10%
- Available to All
- Accredited Company; Certified Staff
- Positive Customer Reviews
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 CPFC certified debt counselors and free debt consultations for potential clients.
Great Upfront Price
Debt consolidation is a government-regulated industry. If you choose to work with a certified company, you will find that most companies charge about the same prices, though 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.
Great Interest Rates: Consolidate Credit Card Debt at 6 to 10%
Less regulated are the interest rates Consolidated Credit can negotiate. 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 resides, who the creditors are, and the amount of money owed.
- Monthly Fees
- 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, 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 their website. Consumers are urged to call or apply online to receive more information. 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.
The Bottom Line
Consolidated Credit's lengthy track record, pricing, service level, and expertise are impressive. Even on our own site, customers give Consolidated Credit a very high average rating. While one could dwell on the max $69 monthly fee, customers are overwhelmingly positive about Consolidated Credit.
Given that the company is available in all 50 states, is transparent about their services, and has such positive customer reviews, we strongly recommend them for any clients with debt consolidation needs.