Best Debt Companys

163 Companies 4,158 Real Customer Reviews

DebtWave Credit Counseling Reviews
Current

What Others Are
Researching Right Now:

#3
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.

Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.

Request Reconsideration

308 DebtWave Credit Counseling Reviews

1. Select Your Rating:

2
1
3
15
60
227
0=WORST 10=BEST

2. Subject For This Review*(Select all that apply)

3. Review Validation*

or

    Sort By:

  1. User Score
    10
    April 20th, 2015 West Nyack, NY
    0 people found this review helpful!
    I was helped by Monica today and she was extremely knowledgable, helpful and understanding. She has set me up with a program that will definitely help me out and I would recommend Debtwave’s services to anyone who needs help.
    Read More
  2. User Score
    10
    April 20th, 2015 Turlock, CA
    0 people found this review helpful!
    Great service. Thorough explanations on a sensitive topic. Thanks!
    Read More
  3. User Score
    10
    April 17th, 2015 Lawndale, CA
    0 people found this review helpful!
    Had a great expierence, told me what to expect and had good rates for me. Very good customer service.
    Read More
  4. User Score
    9
    April 16th, 2015 Hollywood, FL
    5 people found this review helpful!
    Monica is easy to talk with.
    She has patient.
    Read More
  5. User Score
    10
    April 15th, 2015 Holly Springs, NC
    0 people found this review helpful!
    Giliane Guerrero is an awesome financial analysis. Her presentation was on target with the graphs and charts. Her questions were precise and straight forward. Giliane is very thorough with her work. She performed the whole chart in a timely manner. I was really impressed with the proficiency of a financial analysis. Great job. Thank you.
    Read More
  6. User Score
    9
    April 14th, 2015 Tulare, CA
    0 people found this review helpful!
    JoJo was the most personalized customer service person I have ever dealt with she was patient non judgmental and very informative. Thank you for your help.
    Read More
  7. User Score
    8
    April 14th, 2015 Independence, MO
    0 people found this review helpful!
    Monica was a great help to me. And u thank you all for helping me become debt free.
    Read More
  8. User Score
    10
    April 14th, 2015 Greenville, SC
    0 people found this review helpful!
    So helpful. Wonderful experience all around. Would recommend this program to everyone!
    Read More
  9. User Score
    10
    April 14th, 2015 Lewisburg, WV
    0 people found this review helpful!
    Monica was great. She was very helpful and forthcoming about helping me with my situation. I believe we have made the right choice with choosing your company.
    Read More
  10. User Score
    10
    April 13th, 2015 Saint Louis, MO
    0 people found this review helpful!
    Monica was super nice and efficient. Awesome experience!
    Read More
  11. User Score
    10
    April 13th, 2015 New York, NY
    0 people found this review helpful!
    Monica Ameng is a person who helped me over the phone. I am very satisfied
    Thank you very much
    Read More
  12. User Score
    10
    April 13th, 2015 San Antonio, TX
    0 people found this review helpful!
    I was really nervous but Jo-Jo was awesome. Very knowledgeable and comforting. I hate to have met her under these circumstances but she has been a blessing to me!
    Read More
  13. User Score
    9
    April 10th, 2015 Englewood, CO
    0 people found this review helpful!
    Damon Ayers was great. He was very helpful and did not pressure me in any way.
    Read More
  14. User Score
    10
    April 9th, 2015 Mountain View, CA
    1 people found this review helpful!
    Jojo was amazing! I felt she truly cared and wanted to help me. She actually stayed past her work hours to complete all the information needed. She was very calming to speak with especially in such an overwhelming time in my life. I would recommend Jojo to anyone who needs financial helpguidance. Thank you!!
    Read More
  15. User Score
    9
    April 9th, 2015 Willard, OH
    0 people found this review helpful!
    Very friendly and knowledgeable, highly recommend
    Read More
  16. User Score
    10
    April 9th, 2015 Willard, OH
    0 people found this review helpful!
    Rocio, was very friendly and able to answer all my questions and concerns in a timely manner. Would definitely recommend this company to friends and family.
    Read More
  17. User Score
    8
    April 9th, 2015 Lincoln Park, MI
    0 people found this review helpful!
    Damon was extremely professional and explained things thoroughly. The process of getting everything set up for my debt consolidation was incredibly simple and fast. I am very happy.
    Read More
  18. User Score
    10
    April 9th, 2015 Franklin, TN
    0 people found this review helpful!
    The process was easy & quick! And now I am optimistic about becoming debt-free in the near future!
    Read More
  19. User Score
    10
    April 9th, 2015 Springfield, MA
    0 people found this review helpful!
    The representatives were extremely knowledgeable and professional. The process was easy and fast. It feels wonderful to be taking strong steps to eliminate my debt.
    Read More
  20. User Score
    10
    April 9th, 2015 Des Moines, IA
    0 people found this review helpful!
    Brittany was really really helpful and nice !! I am so excited to begin getting out of debt !! Thanks Debt Wave !!
    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.

Recent News:

Want us to review a company?

If there is a debt company that you don't see on our site, and would like us to review, please contact us.

Real Reviews (yes they’re real)

With so many debt relief companies out there, and a lack of sites willing to bring you the HONEST breakdowns of each company, what source can you turn to for the real information you can trust?

We are dedicated to bringing the truth out, and rank debt relief companies as they should be. Through our investigation, and experience with each company, we rank each company, and bring you our honest, unbiased opinion. We also include authentic user reviews by past customers of each company that are moderated and verified.

Like many sites, we are compensated through affiliate relationships with each company we review, however all of our rankings are based on our 11-Point Ranking Criteria.

All reviews are subject to moderation and approval. Any reviews that may resemble false information, or competitors of another company will need to be verified by our staff before being approved and published. We reserve the right to approve or deny any reviews left on this site.
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