A debt consolidation agency can help you if you find yourself under the burden of unsecured debt from credit cards or medical bills. However, it is extremely important to carefully evaluate any agency before you make any commitment.
Keep in mind that some debt consolidation agencies in the industry simply cannot be trusted. Even industry leaders sometimes take advantage of their clients. For example, Ameridebt was shut down by the Federal Trade Commission for deceiving consumers into paying over $170 million in hidden fees.
Considerations for evaluating debt consolidation agencies:
- Fees: Carefully read through the terms of any debt consolidation agency you are considering. Make sure you fully understand all of the fees associated with the debt consolidation service. Fees generally include a monthly service fee and a certain percentage of your debt owed or money saved. These service fees will be included in your monthly debt consolidation loan payments.
- Length of the process: The time frame to becoming debt free is also an important consideration when you are evaluating debt consolidation agencies. Most people are debt free after 3 to 6 years. However, the length of time you can will be dependent upon your specific circumstances.
- Budget Counseling: Any reputable debt consolidation agency will offer budget counseling to their clients. Make sure the agency you select offers a comprehensive debt counseling service. Budget counseling will provide you with information and resources to help you stay debt free once your debt consolidation loan is paid off.
- Customer Service: Customer service will be critical to your success with any of the top debt consolidation agencies. As you navigate through the debt consolidation process, you will have a number of inevitable questions that arise. You will need to be able to rely on knowledgeable customer service representatives through each step of the process.
Each of the top 10 debt consolidation agencies listed below have a proven record of consistently serving the needs of their clients. However, no agency is right for everyone. After careful evaluation, you need to select an agency that will be able to address your specific financial situation.
Debt Consolidation Agencies:
CareOne Debt Relief Services: CareOne Debt Relief Services offers customized debt-relief plans. They also offer a number of educational resources so that you can learn how to manage your finances and stay debt free once you repay your loan.
DebtWave Credit Counseling: This agency is a non-profit debt education and management organization. They offer one-on-one counseling and debt consolidation services and have served 9,632 debt management program graduates since 2002.
Coastal Credit Solutions: This agency has helped thousands of consumers get out of debt since 2006 by offering a wide variety of services. In fact, Coastal Credit Solutions offers both debt consolidation and debt settlement options.
Premier Debt Help: Don’t judge this company based off of their website’s appearance. Premier Debt Help has a solid reputation within the industry for providing a proven set of services to their clients.
Delray Credit Counseling: This agency is so dedicated to counseling and education that they provide free ongoing credit counseling and education to consumers. You can even take advantage of these free services if you are not enrolled in their debt management service.
Debt Consolidation Connection: This agency is a non-profit organization. Their mission is to provide consumers with credit counseling and education. Debt Consolidation Connection only offers debt management services.
Oak View Law Group: Oak View Law Group provides consumers with debt settlement and debt management services. They encourage clients to pursue debt management over debt settlement if possible. Their credit counseling services are not as comprehensive as other agencies in this list.
CuraDebt: CuraDebt is one of the longest standing debt consolidation agencies in the country. This makes them a safe bet if you are cautious about entering into a debt consolidation loan with some of the newer companies.
Accredited Debt Relief: Based in San Diego California, this company is well known for offering multiple types of debt relief services. They will match you up with the best type of debt consolidation loan for your situation.
Wells Fargo Debt Consolidation Loans: Wells Fargo offers a debt consolidation loan that lowers APR as well as monthly payments. Additionally, they offer consolidation for auto loans for qualifying borrowers.
The debt consolidation industry is very competitive. As a result, they are always improving upon their services. Ultimately, you will have to evaluate each agency and determine which one offers the best combination of value and services to meet your specific needs. When you’re ready, pick one of the debt consolidation organizations above and make the call to evaluate the options available.