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 in 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 disclose the number of creditors they work with or the names of companies they work closely with. Fewer 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.
Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.
-
User Score10
-
User Score10
-
User Score100 people found this review helpful!This company has been invaluable in helping us get out of credit card debt. No hassles, no issues, straight forward, easy to work with. Their customer service helped us work out the payment plan and did all the negotiating with the credit card companies relative to reduced interest rates and length of repayment term. No complaints – highly recommend!!Was this review helpful? YesRead More
-
User Score101 people found this review helpful!DebtWave has been amazing with helping me pay off my debt. I started with $11,173.87 in debt and they helped me pay it off in about 3 years. Without DebtWave I’d still be paying mainly interest and would take me forever to pay off my debt. They have always been fast and friendly. They have been helpful if I needed to push back a payment or if I wanted to make an extra payment. They also have an easy website to navigate and to see your progress. They are also really good with emailing updates and calling their customers. I’d recommend them to anyone!Was this review helpful? YesRead More
-
User Score10
-
User Score90 people found this review helpful!Working with Debtwave has helped me to raise my credit score up 70 points. Debtwave’s customer service was responsive to my needs in a timely manner and worked with me on my ability to make payments that I could manage. My service rep ( Dawn and Barby) were courteous, understanding and polite.Was this review helpful? YesRead More
-
User Score101 people found this review helpful!This truly is an awesome company. They go above and beyond to actually help. They are not a company that tries to take advantage of your situation, but rather they are actually an amazing resource for bettering your life! You always talk to a real person, you learn more about how credit works and how to have a healthy credit score, and they also follow up with you with real phone calls. I am so blessed that I ran into this company.
Real people are there to help!I was at the point where I was spending so much to make minimum payments, that I couldn’t afford groceries, and I had to keep lending more. Debtwave reduces my monthly payments and my lending rates, allowing me to pay off my debt faster, and I was able to keep more money for myself!
I have an excellent credit score now, which could not have been possible without their help!
Was this review helpful? YesRead More -
User Score10
-
User Score100 people found this review helpful!Debtwave has been the best way for us to get out of debt. We made the debt and wanted to pay our debts in full. They pay our creditors and worked with them to get cheaper interest rates. Our advisor Brandon B. has been very helpful and has always answered our questions. We HIGHLY recommend Debtwave!Was this review helpful? YesRead More
-
User Score10
-
User Score100 people found this review helpful!I am so glad I found Debt Wave!! Being permanently disabled, I have limited income, but I have a good amount of debt (around $5,000). Without this program, I would have definitely been spiraling down the rabbit hole of high interest and never paying anything off. It’s a joy to see the statuses of my different debts turning to “Paid In Full”! Debts are being paid off quickly and I am looking forward to total debt freedom and a fresh restart!Was this review helpful? YesRead More
-
User Score100 people found this review helpful!Highly recommended! I have been with this program almost 4 years and have saved over $18,000 with reduced fees, lower interest rates, and lower payments for credit cards and medical bills. Thank you Debtwave! It would have taken over 20 years to pay back otherwise or file for bankruptcy. Yes, it’s a smaller company but I am treated like a person that matters and not just another account.Was this review helpful? YesRead More
-
User Score100 people found this review helpful!Turning to Debtwave is one of the best decisions I have made! Had I tried paying my debt on my own, it would have taken over 30 years plus thousands of added interest. Going on the program, I saved thousands in interest and was able to pay off debt in a fraction of the time. 4 1/2 years to pay off $12,000.00!! Once you are on the program. every thing happens automatically! You don’t have to make monthly payments to numerous creditors. Debtwave does it for you each month! Customer service is great!!! Whether you have a question, a concern, or even forget your password to log in, they will help you! They communicate each month and you can look at your dashboard at any time to see your payment history and even the light at the end of the tunnel for pay off! It truly is worth it and it has taught me how to pay with cash rather than credit!! I now put money in savings, and make better decisions with how I spend money! I have learned not to lean on credit cards!! There is hope and this program can truly help you dig yourself out of debt quickly!!!Was this review helpful? YesRead More
-
User Score10
-
User Score10
-
User Score101 people found this review helpful!Debtwave has saved my life. I didn’t want to mess up my credit because I never had late payments which other companies were encouraging me to do. I make a payment a month and my debt is starting to go down. I will be done paying over 35,000 worth of debt next year. I would have never been able to do this alone.Was this review helpful? YesRead More
-
User Score8
-
User Score100 people found this review helpful!These guys are fantastic. I was drowning and they negotiated with my credit card companies and now I’m nearly done with the program.
My favorite things:
– Very upfront with all of their information. There are no hidden fees, and the service charge is only to keep their business running.
– I’ve always been gotten back to within 24 hours (during business days)
– They’re understanding, but firm. If you get 3 strikes with them (like late payments or something) you’re done, and out of the program. I think that’s fair and helps them keep their costs low.Yay DebtWave!
Was this review helpful? YesRead More -
User Score90 people found this review helpful!DebtWave Credit Counseling was a very friendly easy to use company when I was looking to reduce the interest rate and monthly payments on my credit cards, nearly 4 years ago. They worked within a day of getting me information back from my creditors as to how much of a reduction in interest they would take and worked out a monthly payment I could afford. Their minimal monthly charge was well worth the month I have saved and been able to apply toward my debt reduction. Their customer service is outstanding! I will be debt free in 5 months thanks to this wonderful program!Was this review helpful? YesRead More
-
User Score80 people found this review helpful!Everything is happening exactly the way you stated it would. You have done an awesome job for me. Most of my accounts are getting to the point that they will be paid off in a matter of time which will ease my financial burdens greatly. Thank you so much for your service.Was this review helpful? YesRead More
- 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.
Read full article
338 DebtWave Credit Counseling Reviews