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.
DebtWave Credit Counseling is a nonprofit debt consolidation company founded in San Diego, CA. It has helped over 13,000 people avoid bankruptcy and 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 its consumer a streamlined debt consolidation of unsecured debt 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 minimum payments 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 the DebtWave program is the loyalty of their clients in praising the company not only for its debt consolidation services and debt counseling services, but for its transparency, amazing customer service, honesty, and results. This is not something that a lot of people say about debt consolidation companies. Many customers indicate that, unlike other consolidation 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 non-profit credit counseling 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 Score90 people found this review helpful!I am grateful for the staff, plan, and results of working with Debtwave. No doubt I was in financial trouble totaling 19k with no hope or plan. I appreciated them contacting my credit cards, negotiating a better %, and setting up the agreement to paying back. I stuck to the Debtwave plan and in 5 more months I will have 6 credit cards paid off. I just wish I did it earlier. BEfore this I was running out of credit options, now my credit score is near 800 and I am getting offers every day. The education piece of Debtwave has taught me what to look for helping me be better borrower in the future.Was this review helpful? YesRead More
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User Score100 people found this review helpful!Dawn was extremely helpful and courteous to my concerns, and helped me resolve my issues due to unforeseen medical conditions. She was very personable and I truly appreciate her demeanor toward me, always am happy to speak to her if I have a problem!Was this review helpful? YesRead More
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User Score92 people found this review helpful!We needed some extra help and DebtWave was there to help us. It has been great these past 3 years getting $30,000. worth of debt being taken care of by somebody else and all we had to do was make one easy payment per month. The only downside of the whole thing is that your credit doesn’t really get the boost because you have to close all your accounts in order to get the better interest rate and lower monthly payment but on the upside, your debts are being paid off in 4 years! Awesome! Could have never done this without Debtwave!Was this review helpful? YesRead More
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User Score100 people found this review helpful!Debtwave helped us to get on the right track to getting out of debt. They did what they promised by helping to lower my interest rates and get all my payments into one monthly payment. From there, they continued to fulfill promises by making each monthly payment and helping us to reduce our debt over $18000!Was this review helpful? YesRead More
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User Score102 people found this review helpful!DebtWave has met and exceeded my expectations! They were easy to contact and set up my repayment plan with my creditors. They keep me informed on my progress, email me periodically to check in, and occasionally call. Their communication is always with purpose and informative. I appreciate their service and working through my indebtedness with my creditors.I was able to set up the repayment plan and keep my “pay on time” status with them.Was this review helpful? YesRead More
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User Score100 people found this review helpful!I have been on the Debt Management Program (DMP) with DebtWave since December 2014. My wife and I faced financial hardships, medical bills, credit card debt, etc… I am happy to say that in a few more months that we will be credit card free! This program has allowed us to pay off all of our credit cards (most of which were high interest) with a total balance of over $30,000 in less than four years. Dawn S. and Christopher M. have been wonderful counselors and very helpful. DebtWave’s customer service has been excellent, as they are always timely in responding and understand your needs. Looking back upon this experience to help our family achieve financial goals, I wouldn’t say that a DMP is the best route for every consumer in debt; however, if a DMP is the best possible solution for your financial scenario, I would highly recommend DebtWave over any other company out there providing these services. To figure out whether or not a DMP is the correct solution for you or your family, DebtWave offers great assistance in evaluating your scenario. If you have multiple credit cards with high interest and don’t think there is any light at the end of the tunnel, I would call DebtWave today. Thank you, DebtWave, for providing great assistance in helping my wife and I become credit card free!Was this review helpful? YesRead More
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User Score103 people found this review helpful!I have to say, prior to signing up with DebtWave I did my research and they came up as one of the top three on my list to choose from as far as who I wanted to use to consolidate my debt. Originally I was helped by Monica A. who was very attentive and patient with me and answered any doubts I had about signing up. I then came in contact with the person who was to be handling my account, Chris M., who was also provided great customer service. He explained everything in detail, made suggestions and gave me great advice. I never felt pressured about making any decisions throughout this whole process and both Chris and Monica made me feel like I could trust this company with handling my debt. After the first month, I checked my credit score and to my surprise, my credit had already gone up 50+ points; I was in disbelief. I didn’t think this would start helping my credit so quickly. Overall I am satisfied above and beyond my expectations with the customer service I received and also confident that I chose the right company for my credit needs. Thank you Debt Wave!Was this review helpful? YesRead More
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User Score101 people found this review helpful!I cannot thank Miss W. enough.
She has helped me get through a billing dispute with Paypal Credit from the beginning of trying to resolve the issue.
After spending a lot of time with this company the problem was resolved. Could not have done this without her.
You have a great employee that has helped me tremendously throughout this ordeal.
Thank You Again Miss W.
Robert F.Was this review helpful? YesRead More
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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289 DebtWave Credit Counseling Reviews