Best Debt Companys

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We Recommend You Look Into Debt Consolidation

This recommendation comes because you have had a financial hardship set you behind in your credit card (or unsecured debt) payments. It looks like you also owe a small enough amount that you’ll have no problem paying off your debt with a little help!

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How It Works

When you sign up for debt consolidation, the company you choose to work with will help you pay off your debts in 3 ways:

  1. First, the company will provide credit counseling and/or financial planning to help you break the never ending cycle of debt.
  2. Second, the company will call the credit card companies you have accounts with and get them to lower your interest rates (a good debt consolidation company has relationships with major credit card companies and may be able to lower your APR down to 6-10%).
  3. Finally, a debt consolidation company will combine all your credit card payments into one monthly payment. This way, you only need to write one check each month. The consolidation company will pay your creditors with this check on your behalf.
Pros of Debt Consolidation Cons of Debt Consolidation
  • You get a lower interest rate so more of your payment goes to paying off the actual amount you owe.
  • You only make one payment each month.
  • You will pay your debts off fast—in 1-3 years depending on your debt.
  • Potentially improve credit score because you are making payments on time and paying off your full debt
  • Debt consolidation is federally regulated; you must have proof of a financial hardship to qualify.
  • You will have to freeze your accounts and stop using any of the credit cards you decide to consolidate.
  • You could end up paying more a month than you currently are.
  • Potentially hurt credit score if you can’t afford your debt consolidation payments each month.

Top Debt Consolidation Companies

We recommend working with one of the following Debt Consolidation companies:


Consolidated Credit ReviewsConsolidated Credit*

  • Fees may reach up to $49 per month depending on your state.
  • Upfront fee of up to $69
  • In business since 1993
  • Consumer score: 9.2/10
  • No minimum credit score is required for services.

*Pacific Debt is available in every U.S. State.


DebtWave Credit Counseling ReviewsDebtWave Credit Counseling*

  • Fees may reach up to $49 per month depending on your state.
  • Upfront fees up to $75
  • In business since 2001
  • Consumer score: 9.7/10
  • No minimum credit score is required for services.

*Freedom Debt Relief is available in every U.S. State except the following: CO, KS, MD, NY


Want to compare more debt consolidation companies? Check out our entire list of debt settlement companies.

Poll

  • How important is it to you for a debt consolidation company to offer financial education resources?
  • 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.

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.