DebtWave Credit Counseling
DebtWave specializes in consolidating credit card debt, offers a free consultation and charges relatively low monthly fees in comparison with other companies.
Talk to a Debt Counselor 1-(888) 526-9597
DebtWave Credit Counseling is a nonprofit founded in San Diego, CA. It has helped over 13,000 people become debt free since 2001 and enjoys strong loyalty from current and prior clients. The company specializes in consolidating credit card debt at lower interest rates with the help of certified debt and credit counselors. Their vision is to provide financial education and debt management services for a reasonable monthly fee.
The Good
- Low interest rates
- Low monthly fee
- Positive customer reviews
Low Interest Rates
DebtWave offers a streamlined debt consolidation process with certified debt counseling available to guide clients every step of the way. Their monthly fees for counseling service, $10 to $49, are reasonable. Their interest rates on their consolidation loans are also good at 7.63 percent. Between the low monthly price and the good interest rates, customers will be able to save on their debt, whether it be credit card debt or other.
Great Reviews
One of the most impressive things about DebtWave is the loyalty of their clients in praising the company for its transparency, amazing customer service, honesty, and results. Many customers indicate that, unlike other companies they dealt with, the staff at DebtWave actually cared about them and their financial literacy and wanted them to succeed.
The Bad
- Not licensed in CO, KS, MD, or NY
- Limited customer service hours
Availability
DebtWave has limited customer service hours, this can be an issue for customers. Currently, they are only open on Monday-Thursday from 7 am to 5 pm (PST), and Fridays 7 am to 4 pm (PST). This might present difficulties for some in getting a hold of them by phone.
Service Area
DebtWave is not licensed to operate in CO, KS, MD, or NY at this time. This limits the potential customers DebtWave could have in those states. Some competitors offer debt management services in all 50 states.
The Bottom Line
DebtWave has an incredibly well-established track record for providing top-tier customer service and very favorable results for their clientele. Between their affordable rates for credit and debt counseling, professionalism, and track record, we absolutely recommend DebtWave to anyone living in their 46-state service area.
About DebtWave Credit Counseling
Debtwave Credit Counseling is a non-profit organization that specializes in consolidation by using certified credit counselors to consolidate customers debt into one monthly payment. In the process of consolidating the debt, DebtWave also helps to decrease the interest rate on that debt. DebtWave Credit Counseling also offers services in controlling debt by educating customers about credit reports, budgets, financial goals, and financial education.
Price
The monthly service fee is tied to the number of credit cards enrolled into the program. Typically it ranges from $10 – $49 (less in some states, it depends on where you live). Payment preferred is automatic debit. Personal checks or cash are not accepted. Once creditors are paid, these fees are typically not refundable. Some very simple plans may potentially be as low as $10 per month. The savings generated typically are much higher than the total amount of fees paid.
Enrollment Fee
A minimum enrollment fee is charged depending on the state you live in. The fee will not exceed $75. You can obtain a no-obligation quote by requesting a free consultation.
Free Consultation
Yes. An estimated pay off time 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.
Time In Business
16 years. DebtWave was founded in June 2001.
Debt Education
Financial literacy seminars are offered free of charge in the San Diego area. Other tools include on-line debt calculators, “Smart With Your Money” Workbook, Budget Template Worksheet, Debt to Income Calculator, FICO Estimator – calculators you might wish “why didn’t I think of that?” such as the “Hours of Work Required to Make Minimum Payments” Calculator.
Money Back Guarantee
DebtWave does offer a money back guarantee for it’s services. If for any reason you are not satisfied with our services within 90 days of enrollment, we will refund back to you your enrollment fee.
Unsecured vs. Secured Loans
Unsecured credit card debt only.
Mobile Friendly
Their website is not mobile friendly. There is no specific app for their services either, although they do have links and info for obtaining mobile coupon apps for groceries and merchandise.
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.
Contact Information
Telephone:
1 (877) 934-3003
E-Mail:
Address:
9325 Sky Park Ct. #260
San Diego, CA 92123
Business Hours: (all times are Pacific)
Customer Service: 7:00am – 5:00pm Monday – Thursday; 7:00am – 4:00pm PST Friday
Counseling: 7:00am – 6:00pm Monday – Thursday; 7:00am – 5:00pm PST Friday
Types of Services Available
Debt management, debt consolidation, credit counseling, credit report reviews, budget evaluation and more.
Minimum Debt Accepted
Must have at least $5k in debt to sign up.
Online Dashboard
An online account is available for those with a DebtWave account. The online account allows customers to see the progress of their DMP in real time.
CPFC Certified
All employees at DebtWave are certified personal finance counselors.
ISO Certified
DebtWave is ISO certified.
Dear Potential Client,
We understand that debt and finances are difficult subjects to talk about and deal with. That is why at DebtWave Credit Counseling, Inc. we offer services to help make your life simple.
We provide many services, which include: debt consolidation, free credit counseling sessions, student loan consolidation, a financial education program, and we also participate in community outreach. If you join our debt management program, we can consolidate your credit card debt into one monthly payment, lower your interest rates to single digits, and help you become debt-free in 3-5 years. Before joining this program, a certified credit counselor will even take you through a free credit counseling session, where he or she will pull your credit, review all of your accounts, create a detailed budget, and give you a financial analysis report at the end.
Similar to a credit counseling session, our certified credit counselors can walk you through a student loan consolidation session, where he or she will consolidate all of your loans, create a budget, and look at the many repayment plans offered by the Department of Education. On our website, we also offer a financial education program, where you can read our financial workbook and take a short test afterwards to educate yourself on the basics of personal finance. We also have a few different credit card debt calculators online to help you understand your current situation a little better. Lastly, we provide free seminars, workshops, programs, and services to all members of the community, including the military, high school and college students, and employees and their organizations.
Sincerely,
Antony Murigu, President
Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.
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User Score103 people found this review helpful!Life happens, and sometimes you need some advice and some help. I contacted DebtWave, and Charles called me back promptly. Unfortunately I had to reschedule due to work. Then he called back at our rescheduled time, and again I had to reschedule due to work. He was patient and courteous, and on our third try we managed to connect. He spent the better part of 90 minutes discussing my situation with me and how we could improve it together. He was knowledgeable, non-judgmental, and empathetic. This service is not for everyone, but for my particular situation this was ideal, and Charles made it all the better. So thank you again to both Charles A. and the DebtWave team that are helping my navigate the challenges that brought me to them in the first place. I am better off for having worked with them.Was this review helpful? YesRead More
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User Score103 people found this review helpful!I worked with Crystal W. and ended up signing up for debt management program. I was not aware of the program. So she guided me through the process and answered all my questions clearly and patiently. I would strongly recommend them. I just signed up today. I hope they keep up this during the time I am enrolled in the program as well.Was this review helpful? YesRead More
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User Score101 people found this review helpful!I felt very comfortable with Jo-Jo. She displayed care, sensitivity, and displayed much human emotion you don’t always receive these days with customer service calls. She has great character and show much attentiveness. I appreciate her patience she had with me over the phone, and the time she took to explain the process, and answer my questions with details.Was this review helpful? YesRead More
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User Score101 people found this review helpful!This is a very great company, easy to go through the whole process and very helpful tools. I spoke with Jo-Jo and she was very down to earth, easy to talk too, and very knowledgeable. The process is easy and the payment options are great. I would highly recommend going with Debt Wave. I waited awhile to call because i was entirely sure about this route, but it was a great choice. Its a huge relief to get everything taking care of, and every question i had was answered. Thanks again!Was this review helpful? YesRead More
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User Score101 people found this review helpful!I was pleasantly surprised to find the people I spoke with to be friendly, helpful, patient and easy to understand. They didn’t mind when I asked them to repeat some of the information and to clarify anything I didn’t understand. I appreciated their comprehensive approach that included education, budgeting and an easy enrollment process. I can highly recommend them and want to thank Rebeca for all of her help.Was this review helpful? YesRead More
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User Score101 people found this review helpful!JoJo Sanchez was wonderful to work with. I could understand every request/question from her. She explained the process in a way that was understandable. She spoke clearly and never once indicated she was not interested in helping us with our personal issues. Customer service was the best.Was this review helpful? YesRead More
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Blog Post
- Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
- Negotiates with your creditors on your behalf.
- Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
- Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
- Combines all your debts and creditors into one monthly payment.
- Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
- You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
- Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
- Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
- Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
- Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
- Borrowers can receive funds from their loan within only a few days.
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267 DebtWave Credit Counseling Reviews