Best Debt Companys

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Best Debt Consolidation Companies 2019

Ranked by experts. Reviewed by customers.TM

2019 TOP RECOMMENDED
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#1
Consolidated Credit Reviews
Consolidation
Management
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1-(888) 538-4192
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  • Reduce Monthly Payments by 30-50%
  • Low Interest Rates
  • Served Over 6.5 Million Clients
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Our Score
9.1
User Score
9.4

#1 Consolidated Credit

Consolidation
Management
  • Reduce Monthly Payments by 30-50%
  • Low Interest Rates
  • Served Over 6.5 Million Clients
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#2
Consolidation
Management
Visit Site  | 
1-(855) 281-6216
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  • Free Consultation
  • AFCC and IAPDA Accredited
  • Minimum $7,500 Debt Requirement
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Our Score
8.6
User Score
9.6

#2 Accredited Debt Consolidation

Consolidation
Management
  • Free Consultation
  • AFCC and IAPDA Accredited
  • Minimum $7,500 Debt Requirement
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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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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.

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What to Know Before Choosing a Debt Consolidation Company

While there are a few options for dealing with overwhelming debt, debt consolidation and debt management programs are the best for your credit report and credit score. These options offer reduced interest rates and make it easier to pay down multiple debts with one monthly payment.

Debt Consolidation Overview

Debt consolidation is taking out a new loan with a lower interest rate to pay off high-interest debt. Because debt consolidation reduces the interest rate, it makes it easier to pay off your debt. Many debt consolidation companies offer debt management programs. These programs manage your debt for you for a monthly fee. They also help lower interest rates.

Clients make one monthly payment to the debt consolidation company, that will then ensure that it is distributed to each of your lenders. Before potential clients sign up, most debt consolidation companies offer free consultations.

Debt Consolidation Cost

Debt consolidation companies typically charge an enrollment fee. Some companies waive this fee. However, the enrollment fee can be as high as $100. The monthly fee for services ranges between $10 and $79. Some companies determine their fees by what their clients can afford based on their financial situation.

For more specific cost information for your situation, take advantage of the free consultation offered by most debt consolidation and credit counseling companies.

Debt Consolidation Requirements

Some debt consolidation companies have a minimum debt requirement. Some consolidation companies do not have a minimum debt requirement.  Others have a lower threshold than debt settlement companies, like Consumers Alliance with a $3,000 minimum. Others have a higher requirement, like Debt Guru with a $10,000 minimum.

To find the right debt consolidation company for you, consider the minimum debt requirements and interest rates offered by the company.