best debt consolidation companies reviews

best debt consolidation companies reviews

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Best Debt Consolidation Loan Providers Reviews

Freedom has been providing debt settlement services for over a decade, helping over 300,000 customers resolve over $5 billion in unsecured debt. The company offers several tools and services that make it a great option when you’re.

If you are looking to consolidate or reduce your debt, Accredited Debt Relief might be the right solution. The company focuses on connecting customers to the right services to help them either settle or pay down their debt in a responsible.

Top 5 Best Debt Consolidation Companies | 2017 Ranking & Reviews

Finding the Top 5 Best Debt Consolidation Companies

Finding yourself in overwhelming debt can make you feel like you’re out of options. Bills may seemingly pile higher and higher, and the pressure can result in lack of sleep and debilitating anxiety.

If you find yourself falling behind on credit card payments or stuck in the cycle of merely making the minimum payments every month, you might want to consider researching debt relief options in the event that those options appeal to you.

Making minimum payments on a credit card can be a terrible cycle in the long term as you potentially spend thousands of dollars and see no difference in your balance. Debt may have mounted for a number of reasons: perhaps mismanagement or the result of an unforeseeable medical or family emergency.

Whatever the reason, getting out of debt will likely require strict planning and discipline. You may be able to manage this responsibility on your own, or working with a professional may appeal to you.

Best Debt Consolidation Companies Reviews

This list of AdvisoryHQ’s best debt consolidation companies reviews five separate companies. These companies may offer further debt management services, such as debt settlement and credit counseling.

This review of the best consolidation companies is not intended to be used as financial advice, and you should do thorough research before making any financial decisions. It is also advised that you speak with a financial advisor to learn more about your options, what course is best-suited for your circumstances, and to be sure that you are working with a reputable debt consolidation company.

Be sure to review the websites of each of these top debt consolidation companies. Some of these top rated debt consolidation companies may offer services other than debt consolidation.

Award Emblem: Top 5 Best Debt Consolidation Companies

List of the Top 5 Best Debt Consolidation Companies

List is sorted alphabetically (click any of the names below to go directly to the detailed review section for that firm):

Debt Management or Debt Relief Services Defined (Debt Consolidation Companies Reviews)

Debt management refers to a collection of services that assist people with taking charge of overwhelming debts, commonly accrued over years and due to various creditors. If you are drowning in overwhelming debt, debt consolidation companies may potentially offer some useful options or help you set up a plan to better approach your obligations.

The companies may contact your creditors and attempt to negotiate a better rate for repayment. If a credit company is amenable to negotiating, the debt relief company may be able to negotiate your payments down or into a single monthly payment. Keep in mind that creditors do not have to negotiate debts at all and have a right to insist upon the full amount as originally owed if they so choose.

Of course, such options are not quick-fix, easy solutions. Your credit score may take a negative hit for utilizing debt management services, and you’ll remain responsible for most of the original debt accrued.

For some people, the benefits of working with a debt consolidation company may outweigh the adverse consequences. There are other options available as well, such as bankruptcy or paying the debt down as is. You’ll need to do your own research or consult a financial advisor to determine which option is best-suited for your needs.

A debt management company generally offers a selection of services that consumers may choose from, depending on individual needs and goals. If you decide to work with a debt consolidation company, consider consulting a financial advisor to determine which service aligns with your needs.

Though services vary, debt management companies typically involve the following three services below.

Debt settlement may be undertaken by a consumer or through a debt settlement company. If done by a consumer and not through a debt settlement company, the consumer will call the credit company and request a debt settlement in an attempt to lower the debt.

Companies may be willing to settle with debtors for a lower amount than the full obligation because the company otherwise risks having the debtor default on the amount. Some companies would prefer to get some of the funds rather than none.

This process is not guaranteed to work for all debt, and there are some downsides to negotiating yourself rather than working with a company. Going at it alone may, however, eliminate some fees that apply when working with a company, so the choice depends on your particular needs. Do some research or consider consulting an advisor.

Working with a debt settlement company means that the company will contact creditors on a debtor’s behalf to negotiate a lower debt amount. The debtor will place funds into a separate bank account on a monthly basis while a representative negotiates the total debt obligation. This separate bank account lets your creditors know that you’re serious about paying off the debt and that funds for settlement do exist.

Upon settlement, the funds from the separate account go towards paying the debt owed as well as the negotiation fees. Programs are commonly long term and typically run from two to four years, although every situation varies.

Remember to keep in mind that not all debts are eligible for settlement, and typically only debtors with financial hardships are eligible for a debt settlement. Additionally, in some debt settlement agreements, the agreed-upon settlement amount is due as a one-time payment.

Debt consolidation programs involve lumping debt together and taking out a loan to pay off the separate types of debt. The debtor would then pay off the one loan rather than each separate debt.

A debt consolidation company will likely attempt a debt settlement prior to the debt consolidation to lower the outstanding debt and, thus, the new, consolidated loan. Debt consolidation loan companies may target services to lower the interest rate of the outstanding debt or might target the debt amount itself. It depends on the particular program.

Debt Management or Credit Counseling:

Debt management programs involve financial counseling and may involve negotiating with creditors for lower interest rates. Such programs often combine credit counseling and education as well.

However, some companies use the term “debt management” as an umbrella term to refer to programs more similar to debt settlement or debt consolidation, so be sure to understand the full terms and conditions of any programs offered by these companies.

Other options may be available to you as well. You might consider contacting a few different companies before initiating a program, or discussing your situation with a financial advisor.

Typical Eligibility Requirements (Debt Consolidation Companies Reviews)

Not all situations are a match for a debt management program.

For example, with many programs, potential clients must also be able to demonstrate a financial hardship before a company will work with them. This is because credit companies are unlikely to negotiate debts down if they think you have the ability to pay them in full.

Also, certain states have different laws. Some companies do not operate in particular states, so you’ll want to check your state’s eligibility if you are interested in working with a company.

Further, not all debts are eligible for settlement or consolidation. Debt may be secured or unsecured. Secured debt means that some tangible item is attached, such as a home or car loan. Unsecured debt means that a tangible item is not attached, such as medical bills or credit card debt.

Discuss with a financial advisor to determine which type of debt you are working with. Be aware that not all debt types are eligible for debt settlement or consolidation.

Top 5 Best Debt Consolidation Companies

Best Debt Consolidation Loans 2018

Best Debt Consolidation Loans 2018

Many people who are in debt often don’t realize that there are services designed to help them get out of debt. Not all of these services are legitimate, and some would try to take advantage of those in debt, especially if you have bad credit, but the best debt consolidation and settlement services can legitimately help you get out from behind a mountain of debt.

What Is Debt Consolidation and Settlement?

Debt consolidation and debt settlement are two different services. Debt consolidation services help you get a loan that will consolidate all of your debt, so you are only making one payment a month. They often will negotiate a better interest rate on the loan so you aren’t paying extra interest to consolidate. Some services also provide debt management and education, so you can learn how to handle your own debt.

Debt settlement services, like Accredited Debt Relief, work a little differently. Debt settlement services will try to help you negotiate with your debtors so that you can settle your debts for less than what you owe. This can be a dangerous option, since some debt settlement services can use some tricky schemes to try to settle your debt, so it is good to research who you are working with before you commit.

Keep in mind that neither debt settlement nor debt consolidation will help your credit score immediately. If you are looking to breath some life into your credit score immediately after handling your debt, you can either use some credit repair techniques to do it yourself or hire one of the trusted credit repair companies to help.

Picking the best debt consolidation company can be tricky, but the first thing you should do is figure out your credit score. If you have good credit, you are more likely to find a debt consolidation loan with a low interest rate. If you have bad credit, your interest rate will probably be higher. Here are the best debt consolidation services for each credit class:

Best Debt Consolidation Loans for Bad Credit

People with bad credit have fewer options when it comes to debt consolidation. While the loan services above for Good and Average credit will allow you to use a loan for any type of debt, debt relief companies for those with bad credit generally only approve those with large amounts of credit card debt. In general, the companies require at least $10,000 in credit card debt, although some require larger debts, and some will work with people that have smaller debts. Here’s a good breakdown of the best debt consolidation services for people with bad credit:

  • Price: Freedom Debt Relief prices range between 15 and 25 percent of enrolled debt.
  • Debt Qualification: You must enroll at least $15,000 unsecured debt to qualify.
  • Features: Freedom Debt Relief reviews show that services are really what give this debt settlement provider an edge. Not only does this company offer the traditional consolidation, reduction and bankruptcy options, but it also has credit counseling services and some guides on how to manage debt yourself.
  • Customer Service: Exceptional customer service that is available every day of the week is another benefit to working with Freedom Debt Relief. Many other debt relief companies only operate Monday through Friday, but Freedom Debt Relief also has Saturday and Sunday hours that run into the evenings. You can contact them by phone or email, whichever works best for you.

Credit counseling, debt consolidation, debt reduction and bankruptcy options

Freedom Debt Relief Disclosure: Clients who make all their monthly program deposits pay approximately 50 percent of their enrolled balance before fees, or 65 percent to 85 percent including fees, over 24 to 48 months (some programs lengths can go higher). Not all clients are able to complete our program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific circumstances. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Our service is not available in all states and our fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S. 12-03825.

  • Price: 18-25 percent of enrolled debt is the National Debt Relief price for helping to negotiate your debt reduction.
  • Debt Qualifications: To qualify for National Debt Relief services, you must have at least $7,500 in qualifying debt.
  • Features: Working with National Debt Relief gives you access to a toolbox of options for reducing your monthly outlay on debts. You can pursue everything from National debt consolidation to debt relief, and even bankruptcy services are available if you are unable to keep up with your existing debts.
  • Customer Service: Keeping up with your debt relief program is quick and easy with plenty of contact options. You can always call toll-free during extended service hours on any weekday. Email and fax are also available for anyone who needs to make contact with their debt relief counselor.

Debt consolidation, debt relief and negotiation, bankruptcy and credit card debt

  • Best for: Debt settlement AND consolidation. Accredited Debt Relief is one of the only services that offers both debt settlement and debt consolidation.
  • Price: Like most debt settlement companies, Accredited Debt Relief take a percentage of whatever debt they are able to settle, in this case 18 percent to 25 percent, depending on your debt. So if they are able to reduce your debt from $10,000 to $8,000, you would owe $360 to $500. If there is no change in your debt, you owe nothing.
  • Time frame: Accredited Debt Relief’s program time frame ranges from 24-48 months, which is the average time for debt settlement.
  • Other highlights: Accredited Debt Relief is one of the only debt relief companies to offer debt management tools as well as debt consolidation services. Debt consolidation services are when a company will help you consolidate your debt in order to pay a lower interest rate on it.
  • Available states: One of the benefits of Accredited Debt Relief is that it is available in 39 of the 50 states, which is rare for a debt relief company. The average is usually around 35 states.

  • Management tools: Along with debt settlement services, CuraDebt also offers debt management tools and help so you can reduce your debt while you are trying to settle it.
  • Price: Unlike most debt settlement programs, CuraDebt offers a flat rate regardless of your circumstances or debt: 20 percent of the settled debt. Unfortunately, they also charge a monthly fee of $10.75.
  • Time frame: Like most debt settlement companies, CuraDebt’s settlement plan usually lasts between 24 and 48 months.
  • Other highlights: CuraDebt also allows you to settle business debts, and provides you with a personal advisor to walk you through the settlement process.
  • Available states: CuraDebt offers debt settlement in 38 of the 50 states, which is higher than most other debt settlement companies, but still limited.

20% of debt + $10.75 monthly fee

*CuraDebt doesn’t offer debt consolidation, only debt settlement, but can be a good option for debt settlement.

Best Debt Consolidation Loans Overall: Freedom Debt Relief

Best for: All around debt relief service. Freedom Debt Relief offers a solid debt settlement service that is faster than most debt relief companies and doesn’t require a loan to settle your debt.

Price: Like National Debt Relief, Freedom Debt Relief charges 18 percent to 25 percent of whatever debt is settled, and there are no monthly fees.

Time frame: Like all the other debt settlement programs, it generally takes between 24 to 48 months for Freedom’s debt settlement program.

Other highlights: Freedom Debt Relief has good customer service, as well as solid online tools and a dedicated personal advisor to walk you through the debt settlement program.

Available states: Like National Debt Relief, Freedom only offers debt settlement in 34 of the 50 states,which is the max number of states that allow debt relief.

You can call Freedom Debt Relief for a free consultation at 844-752-5316.

Best Debt Consolidation Loans Runner-Up: National Debt Relief

Price: National Debt Relief is one of the more affordable debt consolidation services. First, it doesn’t charge a monthly service fee like most other debt consolidation and settlement services. They do, however, charge 20 percent of whatever you end up saving by using their services. So if your debt is $10,000, and you end up paying only $9,000, they would receive $200. On the plus side, you can get a quote and a consultation for free with National Debt Relief.

BBB Rating: A (Also accredited by both the American Fair Credit Council and the International Association of Professional Debt Arbitrators.)

Features: National Debt Relief has the most features of any other debt consolidation and settlement service that we saw. It includes a free quote, flexible payment schedule, services for secured and unsecured loans, professional advisors, self-help tools, mobile access to their site and budget planners. They also allow you to have a co-signer, which is important for most people who are stuck in debt.

Guarantee: One of the reasons we like National Debt Relief is because of their 100-percent money back guarantee. This apparently is fair game if the service doesn’t work for you or if you are not completely satisfied with the service, although we did not test to see how easy it is to get your money back with the guarantee.

Customer Service: The site also has a comprehensive customer service program, including access to a representative by phone, chat, email and social media. Although not always the speediest, the customer service answers to our questions were always helpful and informative.

Best for Debt Settlement: CuraDebt Debt Relief

Price: CuraDebt is a little more expensive than National Debt Relief. They charge a $59 monthly fee plus 20 percent of what you save on the initial debt. It’s a little cheaper for debt settlement; there is no monthly fee, but they still charge 20 percent of what you save on the initial debt.

BBB Rating: N/A (Accredited by both the American Fair Credit Council and the International Association of Professional Debt Arbitrators.)

Features: CuraDebt was founded in 1996, which means it has been in business for more than a decade longer than National Debt Relief. CuraDebt offers most of the same features that National Debt Relief does, including free quote, flexible payment schedule, services for secured and unsecured loans, professional advisors and self-help tools. One of the things that CuraDebt doesn’t offer that National Debt Relief does is the option of having a co-signer. They also don’t offer mobile access to your account. If you are having issues with identity theft wrecking your credit score and leaving you in debt, it might be a good idea to check out an identity theft protection service to help before you do debt consolidation. Check out our Lifelock review to learn more about identity theft protection.

Guarantee: CuraDebt doesn’t offer a money back guarantee.

Customer Service: CuraDebt only offers phone and email customer service options, which limits your options. It can be difficult to get an answer, but the customer service representatives are usually helpful and friendly.

Best Debt Consolidation Loans for Good Credit

People with good or excellent credit can usually be approved for a great debt consolidation loan that should help them pay down their debt quickly. Most loan companies offer lower interest rates with higher loan amounts to people with good or excellent credit, giving them more options than those with average or bad credit. Here are a few of the best online loan companies that offer debt consolidation loans for people with good credit:

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