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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

310

This Review is maintained by Chase Sagum

Review Last Updated: June 25, 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 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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310 DebtWave Credit Counseling Reviews

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  1. 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
  2. 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
  3. User Score
    10
    April 8th, 2015 Tampa, FL
    0 people found this review helpful!
    JoJo was awesome!
    Read More
  4. User Score
    10
    April 8th, 2015 Mifflinburg, PA
    0 people found this review helpful!
    Jo-Jo was a joy to work with. She was extremely patient with this senior citizen. I never felt rushed to complete anything on the application and she took the time to explain the various parts of the program. Even if I did not understand something fully and asked her to return to any specific item and explain it again, she was always patient and did so without any hesitation. I was not sure I wanted to start this program but Jo-Jo put my mind somewhat at ease convincing me that this was the right step toward relieving my debt. It’s going to be a long 4+ years but I’m grateful to Jo-Jo for helping me get through all of this.
    Read More
  5. User Score
    10
    April 8th, 2015 Bakersfield, CA
    0 people found this review helpful!
    My counselor was amazing! Very sweet and easy to talk to. She answered all of my questions in an easy to understand verbiage. She was able to get my payments to the exact amount I was looking for. I am so relieved and happy to be on my way to being debt free. I would recommend your company to anyone! Thank you so much!
    Read More
  6. User Score
    10
    April 7th, 2015 Bell, CA
    0 people found this review helpful!
    Fast and easy help.
    Read More
  7. User Score
    10
    April 7th, 2015 Danbury, CT
    0 people found this review helpful!
    I found Monica very helpful walking me through the process. I am looking forward to getting out of debt.
    Read More
  8. User Score
    10
    April 2nd, 2015 Anaheim, CA
    1 people found this review helpful!
    my review was great Monica was very helpful and very nice.
    Read More
  9. User Score
    10
    April 2nd, 2015 South Portland, ME
    0 people found this review helpful!
    Monica was great. She spent a lot of time walking through each step of my debt consolidation. We looked at a couple of different approaches and options. She was very patient as we found what would be best for me.
    Read More
  10. User Score
    9
    April 1st, 2015 Bethlehem, PA
    2 people found this review helpful!
    Having the interest rates lowered significantly is a blessing to be able to reduce and pay off the debt.
    Read More
  11. User Score
    10
    April 1st, 2015 Compton, IL
    6 people found this review helpful!
    This was easy and pain free. What would have taken over 20 years on my own, will be paid off in less than 5 years. I would recommend this company and this program to anyone trying (and not succeeding) to get out of debt.
    Read More
  12. User Score
    10
    March 31st, 2015 Honolulu, HI
    1 people found this review helpful!
    Brittany was an amazing help for me today. The sense of relief I have is overwhelming. I can’t thank you all enough. From the bottom of my heart and my two boys, Thank You So Much!!!
    Read More
  13. User Score
    10
    March 31st, 2015 Kansas City, MO
    0 people found this review helpful!
    I spoke with Giliane and Mica (not sure if spelling is right) and they were both extremely helpful and friendly. They didn’t make me feel embarrassed about an embarrassing situation. I have just signed up for the consolidation program so can’t comment on how well it works but I am very hopeful and am certainly impressed with the professionalism and quick responses of the employees I’ve spoken with so far.
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  14. User Score
    10
    March 31st, 2015 Bonham, TX
    3 people found this review helpful!
    The customer service representative was in a word- stellar. She took a most stressful and frankly embarrassing situation and handled it as a true professional. She was extremely kind, very sweet and disarming about the complete process. Any fear or shame of my monitory situation she quickly dissapated. She is not a diamond in the rough but a real jewel as a customer service representative for Debtwave. She truly took charge and my stress is gone with the assistance she gave me. Thank you do very much
    Read More
  15. User Score
    10
    March 31st, 2015 Los Angeles, CA
    0 people found this review helpful!
    Monica was great! Made it very easy!
    Read More
  16. User Score
    10
    March 30th, 2015 Cumming, GA
    0 people found this review helpful!
    Monica Ameng has been a wonderful help today! She was very thorough in her explanations of each step and my options. Such a kind lady! I feel much better about moving on toward being debt free. I’m also going to pass along her information to my mom and a couple of friends. Thank you for being available for those of us who are in need of getting back on track financially!
    Read More
  17. User Score
    9
    March 30th, 2015 Jensen Beach, FL
    0 people found this review helpful!
    Julian was a big help And very personable.
    Read More
  18. User Score
    10
    March 27th, 2015 Portland, OR
    1 people found this review helpful!
    Both Sean and Brittany were very helpful. Sean explained things to me in a way that I could understand, more than once. He was also very clear on the direction of my situation if it did not change. Bethany was very nice and also clear about what was going on. They both gave me a positive feeling about my negative finances and made me feel pro- active.
    Read More
  19. User Score
    10
    March 26th, 2015 Atlantic City, NJ
    3 people found this review helpful!
    I was so depressed having all this debt hanging over my head, then I went online searching for a solution. I came across debt wave the care and compassion that was given to me I felt like I was already debt free. Damion and Mika broke everything down even though my bills were in collections they did not waive the white flag in. I am not fully there but I know I be soon with debt wave by my side. THANK YOU DEBT WAVE.
    Read More
  20. User Score
    10
    March 24th, 2015 Irmo, SC
    1 people found this review helpful!
    I worked with Giliane Guerrero, she was awesome. Explained everything very well and made the experience very satisfying. She is awesome!
    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

310
Our Score
9.2
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

430