DebtWave Credit Counseling

• Transparency
• Great Value, Low Average Interest Rate
• Positive Customer Reviews
• Accredited Counselors

Transparency

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 of features on its website.

Consumers can find information about its debt services, credit counseling, online calculators, a blog, and personal finance tips. DebtWave also displays information about its community outreach program.

The company even provides information on its executives and board members, while many other companies do not. Finally, it also provides a client login where customers can view the status of their accounts. They can monitor their payoff progress and savings. 

The company helps clients consolidate credit card debt and offers consumer credit counseling services. Credit counseling sessions involve reviewing a consumer’s credit report and score, helping the client create a monthly budget and finding a debt solution that best fits the customer’s needs.

This counseling service may include a debt management program. This type of program involves consolidating unsecured credit card debt into one, lower monthly payment.

Clients make monthly payments to DebtWave and it pays the client’s creditors. The company works to negotiate lower interest rates to help clients pay off debt more quickly and ultimately save money. 

Great Value, Low Average Interest Rate

DebtWave is a non-profit credit counseling agency, 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. The company also offers a money-back guarantee for dissatisfied customers.

Additionally, DebtWave offers interest rates ranging from zero to 18 percent, with an average rate of about seven percent. Most companies in the debt consolidation industry do not disclose this information, which makes DebtWave seem more credible. These lower rates can help clients reduce their monthly payment and more rapidly pay off debt. 

Positive Customer Reviews

DebtWave reviews display high levels of satisfaction with the company's customer service. Its credit counselors are knowledgeable, friendly, and help customers really understand the entire consolidation process.

Many reviewers praised the detailed explanation of the debt management program. Also, client DebtWave reviews express appreciation for the company’s professionalism.

People are also happy about the low-interest rates DebtWave secured and their lower overall monthly payments.

Customer Review: C. Sanders

"We will be forever grateful for all Debtwave has done for our family in helping us become financially fit once again."

Accredited Counselors

DebtWave's counselors are certified through the Center for Financial Certification. These credit counselors learn how to help clients establish a personal budget, improve money management patterns, increase credit scores, and develop a plan to overcome debt.

The certification ensures that each counselor is properly trained and has the skills necessary to assist consumers with personal finance needs.

• Lack of Accreditations
• Experience and Size
• Limited Contact Hours
• Higher Upfront Fee
• Limited State Availability

Lack of Accreditations

While DebtWave is ISO certified and its credit counselors are certified by the Center for Financial Certification, the company does not hold accreditations with the American Fair Credit Council (AFCC) or the National Foundation for Credit Counseling (NFCC).

These two organizations help to ensure that consolidation companies adhere to best industry practices. Many other debt consolidation companies hold these accreditations.

Experience and Size

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

Limited Contact Hours

Consumers interested in specific information about consolidation will need to call DebtWave. They do not answer industry or person specific questions through email.

This point was verified through user reviews. DebtWave’s operation hours are Monday through Thursday from 7:00 AM to 4:00 PM Pacific Standard Time and from 7:00 AM to 3:00 PM on Fridays. These hours are somewhat limited compared to other competitors.

Higher Upfront Fee

Another drawback to DebtWave's services is its higher upfront fee. The company charges up to $50 or $75 depending on the program and state.

Many other companies have a lower upfront fee, only charging around $49 for the initial setup. However, this fee depends on the state and individual.

Limited State Availability

DebtWave is available almost everywhere. It is available in 46 states and claims that it may 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:

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

Residents of these states will need to seek other debt consolidation companies.