DebtWave Credit Counseling

DebtWave Credit Counseling offers credit counseling, financial education, and a debt management program for individuals looking to lower their debt by lowering their interest rates.

Pros

Positive Customer Reviews

The DebtWave Credit Counseling reviews on Best Debt Companys are almost exclusively positive – the company is rated 9.6 out of 10 by customers. In fact, in the last year, there has not been a single negative review about DebtWave, which is common in the debt relief industry. Here is a summary of our positive DebtWave reviews…

• Interest Rates: Several reviewers report that DebtWave was able to lower the interest rates on their credit cards. Reduced interest rates are what allows these debt consolidation customers to pay off their debts quicker. A lower interest rate also typically results in a lower monthly payment.
• Increased Credit Score. Naturally, as you pay down your credit card debt, you should see a positive impact on your credit score, which is exactly what DebtWave customers mention in their reviews. A specific review mentions that they were able to get a mortgage after debt consolidation, and several customers say their credit score went to “very good” or even “excellent” after they completed the program.
• Customer Service. A smaller, but still significant number of reviews, address the excellent customer service they received from DebtWave. DebtWave reviews in 2019 specifically mention that mention credit counseling with Dawn was wonderful to work with.

Potentially Low-Interest Rates on Your Credit Card

DebtWave Credit Counseling claims that they are able to reduce the interest rates on your credit cards to 6-9% with their debt management program. The average credit card interest rate is currently about 19.2% This is a significant decrease to the interest rate consumers are paying, which means a small DebtWave payment plan. While these interest rates are low, other debt consolidation companies may be able to get similar, or even lower rates.

Cons

Small Company

DebtWave Credit Counseling employees about 30 people. By comparison, Consolidated Credit and Accredited Debt Relief both have over 200 employees working to eliminate consumer debt. In some cases, working with a small company can mean a more personalized customer service experience. However, the large a debt consolidation company is, the better and more relationships they typically have with big credit card companies. Larger companies have extensive debt management resources and work with over 1,000 banks and retailers. DebtWave does not disclosed the number of creditors they work with, or the names of companies they work closely with. Less employees may also correlate to a larger individual caseload for credit counseling.

Limited Availability

DebtWave Credit Counseling does not service the following four states: Colorado, Kansas, Maryland, or New York. If you live in one of these states, we recommend reaching out to a nationwide debt management company, like Consolidated Credit.

DebtWave may also be difficult to get ahold of if you work normal business hours. The company operates on PST, and is only available by phone from 7am to 4pm Monday through Thursday, and from 7am to 3pm on Fridays.

Potentially Low Savings on Debt

Large debt consolidation companies are able to estimate the percent you’ll actually pay with them, compared to what you would pay off in total with interest and fees. These percents have a large range from about 50-80% – disclosed on company websites.

DebtWave Credit Counseling does not give an estimation of what you will pay. However, using the “How much can I save with DebtWave?” calculator provided on its website, we found that the debt management plan they provide only saves someone a few thousand dollars over the course of 3-5 years, and that the individual would pay back over 90% of the amount owed plus fees from interest rates. (This is based on $25k in debt, a monthly payment of $1,500, and the average APR – 19.2%).

Our Recommendation

Customers of DebtWave Credit Counseling clearly have a positive view of the company. This is evident in the hundreds of consumer reviews they have below. However, the amount of money you save with their debt consolidation program seems to be lower than the industry leaders. We recommend getting a monthly fee and potential interest rates quote from one of our top debt consolidation companies. These companies have more resources to help more people lower their interest rates and consolidate their credit.

DebtWave Program Information

• Cancellation Policy: The program is voluntary as stated in their contract and puts no obligation upon clients; they may cancel any time. There is no fee for cancellation.
• Minimum Debt to Enroll: Must have at least $5k in debt to sign up.
• Monthly Fee: Maximum of $49.
• Set-Up Fee: Maximum of $75 to enroll your debt.
• Free Consultation: An estimated time to payoff your debt is provided during the initial consultation. They will also provide information on the best path to debt relief and other topics surrounding your specific debt situation. If you choose to sign up with DebtWave, you will be provided credit counseling throughout your time in the program.
• Industry Accreditations: DebtWave Credit Counseling is ISO (International Organization for Standardization) Certified and has Certified Credit Counselors. They do not hold accreditations with the AFCC (American Fair Credit Counsel) or the NFCC (National Foundation for Credit Counseling) – two of the most widely known accreditors.