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.
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User Score100 people found this review helpful!I have been with DebtWave for almost 4 years & they have done a tremendous job with helping my pay off debt. I was reluctant at first but when I Had my free consultation it was hard to not use them for my debt management problem. I will always recommend debtwave to any one that is struggling to pay debt!Was this review helpful? YesRead More
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User Score100 people found this review helpful!I have been doing the DebtWave Program for a couple of years now and my counselor is Dawn S. She is outstanding in every way. Her customer service is excellent. She is extremely knowledgeable and gets things done. Not to mention she is such a warm understanding woman and you feel good after talking to her on the phone.
I highly recommend DebtWave. I am in the process of paying off my creditors and to be honest I will miss her. I wish all people who deal with Customer Service are as good and genuine as she is.
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User Score100 people found this review helpful!My experience with DebtWave was nothing short of fantastic. I had the pleasure of working with AQ W. throughout my time with the program. She was always very fast to respond, was available via phone or email, and I never felt like she was bothered by my questions.Was this review helpful? YesRead More
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User Score100 people found this review helpful!No kidding. I did not think I would EVER get out of debt. I was even thinking about bankruptcy… But then I discovered debt wave. It was not easy, and living without my credit cards was a challenge… but with all ot them maxed out I wasn’t really using them anyway. I bit the bullet, made the payments and only have 6 months left.
Forgot to mention Dawn S who has excellent customer service skills. Dawn talked me through the process and did an excellent job.. Thanks.Was this review helpful? YesRead More -
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User Score100 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!Was this review helpful? YesRead More
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User Score100 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 blessWas this review helpful? YesRead More
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User Score100 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.Was this review helpful? YesRead More
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User Score100 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
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User Score100 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
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- 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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318 DebtWave Credit Counseling Reviews