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#24
- Undiscosed Fees
- In Business Since 1994
- Offers Credit Counseling
Our Score
3.2
User Score
1.0
#22
- $75 Setup Fee
- Undisclosed Monthly Fees
- No Industry Accreditations
Our Score
3.3
User Score
2.1
#6
- $30 average Monthly Fee
- $50-75 Up-front Fee
- Reduce Interest Rates to 8% avg
Our Score
6.4
User Score
7.6
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Most Recent User Review: DebtWave Credit Counseling
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User Score100 people found this review helpful!Debt Consolidation I was able to pay off my bills so much faster with debt.Was this review helpful? Yes
Read More DebtWave Credit Counseling Reviews
- 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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