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Should you consider credit card consolidation? If you've got multiple high-interest credit cards and you're struggling to make even the minimum payments every month, the answer is yes! Credit card consolidation is a strategy for managing your debt, simplifying your finances, and probably saving hundreds if not thousands of dollars in interest.
How does credit card consolidation work? Most providers of this service provide you with a long-term loan that is used to pay off all of your current credit card debts. With each of your cards paid off, you now have a single loan payment to make every month: no more late or missed payments because you had so many due that you lost track! Credit card consolidation loans usually have fixed interest rates that are much lower than your credit cards', which will likely save you money over the long run.
Monday, February 26th
National Debt Relief has helped over 500,000 people to consolidate their debt by negotiating much lower payments with creditors. You'll pay a low monthly fee based on your total amount of enrolled debt while the company goes to work on your behalf. You won't find any other credit card consolidation program with over 80,000 five-star reviews from satisfied clients! National Debt Relief should be the first place you go to schedule a free consultation and get on top of your finances.
Credit.org has provided more than five million financial coaching sessions in the nearly 50 years they've been in operation - and most of their services are absolutely free. You'll get a complimentary consultation to analyze your finances and determine which steps you should take to improve your situation, which may include credit card consolidation or other fee-based programs, but there's no obligation to sign up. Credit.org gets high marks from clients for being stress-free and helpful, and it's one of our favorite resources for anyone who needs financial advice.
Upstart knows that a credit score isn't the only factor to consider when evaluating your loan consolidation application. They employ a sophisticated artificial intelligence process that looks beyond just your credit history - making it more likely that you'll be approved for your loan. Happy customers typically receive their money very quickly, and praise this service for being easy and affordable.
For over 25 years, CuraDebt has helped people get on top of what they owe through credit card consolidation and other proven strategies. You only pay fees when your debts are resolved, and you'll still save a lot of money. The initial consultation is complimentary. While this is still one of our favorite resources for trustworthy credit card consolidation, there are 16 states where residents will not be eligible for CuraDebt's services.
Reach Financial specializes in loans for the purpose of credit card consolidation. The company has a great reputation, both with the BBB and its clients. We wish they were a little more forthcoming about what a prospective borrower can expect, especially with regards to loan amounts, terms, and APR's. Still, we see bright things ahead for this relative newcomer.
LendingTree is an online loan marketplace for every type of borrowing, from auto loans to credit cards and beyond. You can use this service to easily compare offers from up to five lenders at a time, helping you access the best rates and terms for your personal loan. We love the detailed information provided on each lending partner, with thousands of client reviews to help determine which one is the best choice for a personal loan. LendingTree has a great reputation and is a trustworthy option if you want to use a referral service to research and secure a loan.
SoFi has some big benefits compared with other options for consolidation loans: low fixed rates, assistance (and forbearance) if you lose your job while repaying a loan, and even occasional sign-up bonus money. But, an increase in the number of complaints from SoFi clients, describing negative experiences specifically with the customer service department, gave us some cause for concern.
SuperMoney offers comparison "shopping" for many financial products, including consolidation loans. They offer funding through just over a dozen partners, and you can see detailed information and reviews about each one before filling out your application. SuperMoney hasn't been around as long as some of the referral platforms we evaluated and so there's not as much customer feedback yet. This is a good way to gather information about personal loans you might be eligible for, but you'll still have to complete your application directly with the lender you choose.
LendingClub used to crowdfund all of their consolidation loans through investors. But, after undergoing some changes, their lending is now structured more like a regular bank. They offer fixed-rate loans with repayment terms of at least 36 months, and recent customer feedback is almost universally positive. You should have a good experience if you choose to get a consolidation loan here, but we're holding back a higher recommendation until the BBB provides an updated rating for LendingClub.
Payoff connects you with one of eight lenders in their network, getting you a personal loan so that you can consolidate debt by paying off your high-interest credit cards. While the BBB gives the company high marks, feedback from clients is much more mixed. Some have a great experience, while others describe a frustrating process from start to finish. There are more hassle-free options available if you want a loan to pay off your debt.
American Debt Enders doesn't offer credit card consolidation per se. Instead, they work on disputing debts that have been sold by your creditors to third-party collections. Your initial consultation is free, and any fees will depend on the amount of your debt and the strategy put in place to address it. This service doesn't offer as many options as other providers, and they're not as professional either. You'll probably have a more satisfying experience with another credit card consolidation program.
Debt Consolidation Care has been around for nearly 20 years and has an "A+" rating and accreditation from the BBB. However, the service isn't as smooth as many rival providers, and DCC doesn't make it obvious that they'll be handing you off to a fee-based credit card consolidation program or credit counseling. There are definitely more robust options out there.
While some sources of credit card consolidation loans provide nothing but funding, other services offer a full spectrum of features. These can include free monthly credit score reports, financial counseling to help you make wise choices with your money, or even negotiating with your creditors to reduce what you owe. Sounds too good to be true? Never fear: there are many reputable credit card consolidation services that have been around for years and that maintain an impeccable reputation for working with clients just like you.
You might feel a little overwhelmed as you start to research your options. Take the time to look at each service carefully, and look for a company that fits your needs according to these criteria:
TopConsumerReviews.com has evaluated and ranked the top credit card consolidation programs available today. We're confident that these ratings will provide the information you need to choose the ideal credit card consolidation program for your situation!
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