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.
- Great Value, Low Average Interest Rate
- Great Reviews
- Live Chat
- Accredited Counselors
DebtWave Credit Counseling (DWCC) is one of the most transparent consolidation companies in the industry. As evidence of this, the company highlights a large variety features on its website. The company even provides information on its executives and board members, while many other companies do not.
Great Value, Low Average Interest Rate
DebtWave is a non-profit organization, and its 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 it provides. Additionally, DebtWave offers interest rates ranging from 0.00% to 18.00%, with an average rate of about 7.00%. Most companies in the debt consolidation industry do not disclose this information, which makes DebtWave seem more credible.
DebtWave reviewers display high levels of satisfaction with 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.
DebtWave offers a live chat feature. In addition, they provide email and phone contact information.
DebtWave's counselors are certified through the Center for Financial Certification.
- Lack of Accreditations
- Experience and Size
- Difficulty Obtaining Information
- Higher Upfront Fee
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 (fewer 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
Consumers interested in specific information about consolidation will need to call DebtWave. 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. 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 allow more customers to use their services. Currently, DebtWave does not offer services in the following states and territories:
- New York
- Puerto Rico
The Bottom Line
While DebtWave Credit Counseling, Inc. 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.