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DebtWave Credit Counseling Reviews
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DebtWave Credit Counseling Reviews

DebtWave Credit Counseling

DebtWave Credit Counseling specializes in consolidating credit card debt and offers a free consultation. Consumers could potentially pay lower fees working with larger companies.

Our Score
8.4
User Score
9.6
Our Score
8.4
User Score
9.6
Rank this Company

Ratings Breakdown

Monthly Enrollment Fee

Up to $49

Setup & Activation Fee

Up to $75

Free Consultation

Yes

Credit Counseling

Yes

ISO Certified

Yes

Number of Reviews

308

This Review is maintained by Chase Sagum

Review Last Updated: June 19, 2019

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.

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308 DebtWave Credit Counseling Reviews

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  1. User Score
    10
    May 31st, 2019
    0 people found this review helpful!
    Adrian V was my rep – always responsive and helpful. Answered questions with insight. The service handled all my payments and my credit score jumped by nearly 100 points upon completion.
    Read More
  2. User Score
    10
    May 3rd, 2019
    0 people found this review helpful!
    Three years ago i connected with Debt Wave. I had seven credit cards that I wanted to pay off. They set me up with a program that lowered my interest rate on all my cards and put me in a comfortable monthly payment plan that has paid off six of the seven cards. One more month and I will be done with seven credit cards and my credit score is up to a very good score, I highly recommend Debt Wave if you are in a situation that I was in. Alex S was my “pay back pal ” through this journey and her service was ” A rated “. Kuddos to Debt Wave and their associates!
    Read More
  3. User Score
    10
    April 8th, 2019
    0 people found this review helpful!
    Dawn and staff are wonderful! They always keep me in the loop of what is going on with getting my debit paid. It has been a great comfort to know that my debit is getting paid and some day I will be debit free. Thank you and God bless
    Read More
  4. User Score
    10
    April 3rd, 2019
    0 people found this review helpful!
    DebtWave is an excellent company. I have been a client for approximately 18 months, and so far I have no complaints. Payments are deducted and distributed to creditors on time. Also, if I have any questions my advisor has always been prompt to respond. I highly recommend this company.
    Read More
  5. User Score
    10
    April 1st, 2019 Kansas City, MO
    0 people found this review helpful!
    My account reps have been great. I have almost paid off 26,000 in debt in 4 years that would have taken much longer without debt wave. I am appreciative of your service
    Read More
  6. User Score
    10
    March 13th, 2019 New Haven, CT
    0 people found this review helpful!
    Hello,

    I called to inquire about my account today and had the pleasure of speaking with Dawn. I just want you to know that Dawn was PROFESSIONAL, extremely helpful…patient and more than competent during our interaction. Dawn provided all of the information that I requested. Please be advised that based on my interaction with Dawn, I consider Dawn an asset to your company and a true professional in dealing with your customers. I’m glad that I had an opportunity to speak with Dawn and hope that Dawn has a bright future with the company.

    Sandra Eziokwu

    Read More
  7. User Score
    9
    March 4th, 2019
    0 people found this review helpful!
    I felt like I would never be able to pay off debt. Credit councilors were very knowledgeable and helpful. They keep you informed every step of the way. It was a big relief to work with Debt Wave.
    Read More
  8. User Score
    10
    March 4th, 2019
    2 people found this review helpful!
    DebtWave negotiated much lower interest rates and made it easy to pay off debt with one consolidated payment.
    Read More
  9. User Score
    10
    February 21st, 2019
    0 people found this review helpful!
    Dawn S, my counselor provides excellent customer service!!
    She is very patient and helpful!
    Everyone that has to join Debtwave should be able to have quality service like Dawn has provided for me!!
    Love the program! It works!

    Kerensa Nagahisa

    Read More
  10. User Score
    10
    February 4th, 2019
    1 people found this review helpful!
    Very good with updating their customers of ways they can stay out of debt on their own.
    Read More
  11. User Score
    9
    February 2nd, 2019 Frankfort, IL
    0 people found this review helpful!
    Great Service! Debt Wave negotiated a low interest rate with my lenders saving me $$$ in interest fees. They have been reliable and consistent in maintaining my accounts.
    Read More
  12. User Score
    9
    February 1st, 2019
    0 people found this review helpful!
    It was all very transparent; I am happy with the results.
    Read More
  13. User Score
    10
    February 1st, 2019 North Royalton, OH
    1 people found this review helpful!
    Debtwave has been an amazing company to work with. From the first phone call I have been impressed with their service and follow thru with what they said they could do to help me get out of debt.
    Thank you!!
    Read More
  14. User Score
    10
    February 1st, 2019 Covington, LA
    1 people found this review helpful!
    Excellent, very professional, friendly service…we are kept well informed. We are so glad that we hired Debt Wave. What a relief!
    Read More
  15. User Score
    10
    January 6th, 2019
    2 people found this review helpful!
    We have been using DebtWave over the past 36 months to get out of a ton of debt. They contacted all of our creditors and set up a plan that we could live with. Could not have asked for a better experience. We are getting close to completing our plan. What a relief is it.
    Read More
  16. User Score
    9
    November 3rd, 2018
    3 people found this review helpful!
    overall very pleased with how my debt is steadily being resolved every month. there is a clear time table of my debts being absolved. the customer service has been great. I am satisfied overall.
    Read More
  17. User Score
    10
    November 1st, 2018 Irving, TX
    1 people found this review helpful!
    DebtWAve has been a great company to work with. They negotiated a particular debt for me and significantly reduced the interest rate on the debt which is allowing me to pay it off much quicker than I would have been able to do on my own. I would absolutely recommend DebtWave as an option if someone has gotten in over their head on a particular bill or suffered a financial setback but wants to do the responsible thing and pay off the debt.
    Read More
  18. User Score
    10
    October 16th, 2018 New York, NY
    1 people found this review helpful!
    I have been very pleased from the beginning with my consultant Dawn, she’s helped me quite a bit answered all the questions, issues problems etc. I thanked her every time she help me she encouraged me and I want to say thank you
    Read More
  19. User Score
    10
    October 3rd, 2018 Lincoln, NE
    6 people found this review helpful!
    DebtWave was incredible to work with. I was skeptical at first, but they were so easy to work with. Started with over $60,000 in debt in 2014 and even added some later on and just paid the entire thing off this past month. Without them, I would never have had the discipline to get it done myself. The consolidation also saved us several 100 dollars a month while in the program. The website is a great resource, you can see where each account is, when the payoff is, and when something is paid off it brings you such great relief and you can see the light at the end of the debt tunnel. I am so happy I used this company, they were financial life savers. Alex was our adviser and she was absolutely awesome. I thought maybe we wouldn’t have her the entire time and that worried me, but she was with us the entire time. That shows the company values its’ employees. Thank you DebtWave!!!
    Read More
  20. User Score
    10
    October 1st, 2018 Castleton On Hudson, NY
    3 people found this review helpful!
    4 years ago when my husband of nearly 20 years surprisingly walked out of my life I was left devastated. Wondering how I was going to “make it”. Then came along the added stress of trying to figure things out financially. I did some research about credit counseling and reached out to a few and decided to have DebtWave help me with my credit. Everything that they told me was exactly true! I was able to pay off my debt in about 3 years which would have taken me nearly 20 without their help. I built my credit back up and because of them I was actually able to bring up my credit score so much that I was able to get a MORTGAGE! I still can’t believe it sometimes but it happened! I HIGHLY recommend DebtWave’s services to anyone struggling with debt!
    Read 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.

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Our Score
8.4
User Score
9.6
Rank this Company

Ratings Breakdown

Monthly Enrollment Fee

Up to $49

Setup & Activation Fee

Up to $75

Free Consultation

Yes

Credit Counseling

Yes

ISO Certified

Yes

Number of Reviews

308
Our Score
9.1
User Score
9.4
Rank this Company

Ratings Breakdown

Monthly Enrollment Fee

Up to $79

Setup & Activation Fee

$0-$49

Free Consultation

Yes

Credit Counseling

Yes

ISO Certified

Yes

Number of Reviews

427