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Best Debt Consolidation Companies May 2023

Debt consolidation is a solution that aims to simplify the debt repayment process and can decrease the overall amount owed. It involves accredited professionals who review the situation, and results in a single monthly installment to pay off existing debts. Your total interest rate can often be lower, and you will only have to make one payment each month.

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Key Facts

  • Recommended for more than $25,000 of unsecured debt
  • Fees between 18-25% of enrolled debt
  • Cannot be used for collateral-based debts
  • Only available in 31 states

Pros

pros iconCould help reduce the total debt owed

pros iconWilling to work with people who have been turned away or rejected by most other lenders or debt consolidation companies

pros iconOffers consumers more control over their current debt than making recurring minimum payments and increasing overall debt

Cons

cons iconThough debt can be lowered, the service itself does have a fee associated with the service

cons iconEnrolling on to this program may lower your credit score

Achieve.com, a d/b/a of Bills.com, LLC (NMLS ID #138464), operates as a marketing lead generator for affiliates and non-affiliates and as a broker for loans and debt resolution services offered by its affiliates.
We also provide specific mobile applications that allow consumers to view and analyze their finances. We may take applications for our affiliates, but we do not make credit decisions, originate loans, process consumer loans or bill payments, or provide other financial services.
We do not collect any fees or other compensation from consumers. Any financial solutions for which you may be evaluated for are offered by Service Providers with whom we are affiliated and/or compensated by those who participate on our website. Terms and conditions apply to each; not all are available in every state.

  • check mark Over $15 billion in debt resolved
  • check mark Served over 850,000 clients since 2002
  • check mark Offers a personalized plan with no upfront fees
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Key Facts

  • Qualifying depends on your financial profile
  • A minimum debt load of $25,000 required

Pros

pros iconHelps consumers realize approximate savings of 45% before fees.

pros iconNo upfront fees.

pros icon21,000 Five-Star reviews on Trustpilot.

pros iconA+ Rating with the BBB.

pros iconLargest footprint in the industry

pros iconOn average, become debt-free in 24-48 months.

Cons

cons iconDR program can cause a temporary drop in your credit score.

cons iconThe debt settlement process can take up to 48 months.

cons iconUnlike a cash-out refinance, you will not be able to get cash from a debt settlement program.

Please note that all calls with the company may be recorded or monitored for quality assurance and training purposes. *Clients who are able to stay with the program and get all their debt settled realize approximate savings of 46% before fees, or 25% including our fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.

  • check mark Become debt-free in 24-48 months
  • check mark Zero fees until your debt is resolved
  • check mark 21,000 Five-Star reviews on Trustpilot
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Key Facts

  • Minimum of $25,000 in debt
  • Fees are calculated based on amout of debt in the program
  • No hidden fees

Pros

pros icon30-day satisfaction guarantee

pros iconA+ with BBB

pros iconFree consultation with a debt specialist

pros iconNo hidden or upfront fees

pros iconPersonalized plan that allows you to see what you’ll save before you commit

Cons

cons iconNo prices or fees listed online

cons iconMixed online reviews

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer’s finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guarantees or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

  • check mark No upfront fees
  • check mark Personalized plans to suit your budget
  • check mark 30-day satisfaction guarantee
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Key Facts

  • Recommend for people who owe more than $25,000 in credit card debt
  • Have consistent, provable income to make monthly payments
  • Must live in an approved state

Pros

pros iconFree consultation

pros iconAssigned to a personal representative

pros iconNo credit score minimum

pros iconCould reduce debt up to 40% of amount owed

Cons

cons iconCredit score might be negatively impacted

cons iconNot available an all 50 states

cons iconMust owe $25,000+ in unsecured debt

Accredited Debt Relief is a DBA of Beyond Finance LLC. Our clients who make all monthly program deposits pay approximately 55% of their enrolled amount upon successful program completion before fees. Fees are based on percentages ranging from 15%-25% of your enrolled amount. Programs range from 12-48 months. On average, clients must save approximately 40%-50% of each enrolled account before making a bona fide settlement offer.

On average, clients receive their first settlement within 4-6 months of enrolment and approximately every 3-6 months thereafter from when the prior account was settled. Not all Clients complete the program. Estimates are based on previous results and may not match your results. We cannot guarantee that your enrolled accounts will be resolved for a specific amount or percentage or within a particular timeframe. We do not assume your obligations to your creditors, make monthly payments, or provide tax, bankruptcy, accounting, legal advice, or credit repair services.

The program is not available in all states; fees may vary by state. The use of debt consolidation services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding obligations may increase from the accrual of fees and interest. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable.

Read and understand all program materials before enrolling. Certain creditors and types of debts are not eligible for enrolment. CPD. Reg. No. – 21-04861. Accredited Debt Relief makes no guarantees regarding performance (e.g., that debts will be lowered by a specific amount or percentage or that a client will be debt-free within a specific period of time).

  • check mark Reduce your payments by 40% or more
  • check mark Consolidate multiple payments into one
  • check mark A+ rated by the BBB

What is debt consolidation?

Debt consolidation refers to a financial service aimed at streamlining debt payments into something that is more manageable. That may mean taking existing loans and consolidating them into a single payment.

People who have several debts may find that combining them into a single debt achieves several favorable outcomes, including:

  • Simpler management of the debt repayment process
  • Favorable payoff terms
  • Lower monthly payments
  • A better interest rate
  • A possible path to saving their credit score

Debt consolidation is a process that typically begins with a free consultation. One typically discusses their financial challenges with a financial professional, who will guide the inquirer through various options. While the consultation may involve a loan, in many cases they will also try to negotiate more favorable terms with creditors.

Creditors are normally happy to work with debt consolidation companies because it gives them an opportunity to maximize their return of money owed to them.

Upon qualifying for a debt consolidation loan, interest rates and terms will depend on your credit history and other factors. Upon completing the loan application process, you’ll consolidate your debts and begin paying back the new single loan.

The benefits of debt consolidation

  • Fast Repayment - A debt consolidation loan enables one to resolve their debts with the original collectors quickly and move the debt to a different collector with better terms. This is especially important when struggling with serious credit card debt. 
  • Simplify Finances - Debt consolidation loans combine multiple pesky little debts into a single more easily managed debt. There is one loan, one interest rate, and one repayment schedule.
  • Lower Interest Rate - While the debt consolidation loan interest rate will vary, typically, it costs less than credit card payments.
  • Repair Damage to Credit Score - Debt consolidation services often hurt credit scores at the onset. However, in the long run, they could have a net positive effect when utilized properly with appropriate financial planning. Successfully paying loans back on time will likely be rewarded with a positive credit score.

What to consider when choosing a debt consolidation service

Factors to consider when comparing different debt consolidation companies include:

  • Free Consultations - An initial free consultation is standard practice in the industry, make sure to get one.
  • Upfront costs - Most debt consolidation companies will ask for a partial upfront payment, which varies widely between companies while others do not have any upfront charges at all. Be aware of upfront payment requirements while comparing services and avoid companies that seek total upfront payment.
  • Certified Debt Specialists - The best debt consolidation companies will offer a free consultation with certified debt specialists to find the right solution for a given situation.
    <li - Online reviews include professional reviews similar to those available on Lendstart. Additional business reviews are available on platforms like the Better Business Bureau. Both resources will provide insight into customer satisfaction following an interaction with the company, as well as the potential pros and cons of each company.
  • Interest Rates - Like all loans, debt consolidation loans come with interest charges. These rates are usually based on your personal information and vary between providers.
  • Loan Term - Although longer loan terms often result in smaller individual payments, one will likely end up paying more due to the accumulating cost of interest. Choose the company with the best manageable loan terms for each individual situation.
  • Fees and Penalties - Lending and debt consolidation products may carry different fees and penalties. Consider the fees that each company charges for loan applications, handling, and more.
  • Requirements - Service providers will clearly state the minimum debt amount one must owe in order to apply for their services. Additionally, they will require a credit score within a given range and a source of income.
  • Expect a Decrease in Credit Score - Credit scores will likely take a small hit during the debt consolidation process.

Beware of Debt Consolidation Scams

Unfortunately, debt consolidation attracts a lot of scammers. Make sure to be thorough while researching and comparing debt consolidation companies. Only work with companies with a proven history of helping customers shake off their debt.

Watch out for debt consolidation companies that make huge promises. Some red flags may include:

  • Total upfront fees
  • High-pressure and aggressive sales tactics
  • A lack of transparency regarding fees
  • No presence online and no real contact information