Sunday, October 1st
2023 Credit Counseling Service Reviews
DebtWave
- Non-profit provider of credit counseling
- Services include debt management, pre- and post-bankruptcy counseling, and credit coaching
- Debt management programs have a one-time enrollment fee of up to $75 and a monthly fee of up to $49
- In operation since 2001
- "A+" rated and accredited by the BBB
- Accredited by the NFCC
DebtWave Credit Counseling, Inc. is a non-profit organization that provides debt management and financial education services. The company was founded in 2001 and is based in San Diego, California.
Main focus is debt management plan
DebtWave's main service is debt management, which is a program designed to help individuals pay off their debts more efficiently. Clients make a single monthly payment to DebtWave, and the company works with their creditors to negotiate lower interest rates and fees. This can help clients pay off their debts more quickly and save money on interest charges. DebtWave's debt management program also provides clients with access to financial education resources and ongoing support from a team of certified credit counselors.
DMP fees are above average
While general credit counseling is free with DebtWave, you'll pay enrollment and service fees to use their debt management program: up to $75 to set up your account and up to $49 monthly. Your actual numbers will depend on where you live and how much debt you're working with, but DebtWave's fees are a little higher than some of its rivals.
Bankruptcy counseling is more affordable
You'll also pay a small fee if you decide to use DebtWave for pre- or post-bankruptcy counseling, but for those services this provider actually comes in a little more affordable than most competitors: just $25, whether you're filing individually or jointly.
Website could use some touching-up
Compared with other credit counseling options, DebtWave lacks a bit of polish. For example, at the bottom of the site, there was a typo in their own business name: "DebtWave Credit Couseling" . It also felt a little outdated to have a big "COVID-19 FAQs and Resources" tab at the top of the page, well after most of the world went back-to-new-normal.
Not all credit counseling is offered here
You also won't get some services from DebtWave that are available with other credit counseling services. For example, there's nothing specific to student loans here, though you're welcome to talk about your situation during your complimentary credit coaching sessions and see if DebtWave can make recommendations for the best timeframe and method of paying them back.
Still gets high marks from clients
On the other hand, DebtWave's reputation isn't anything to be concerned about. They've got an "A+" rating and accreditation from the Better Business Bureau, accreditation from the NFCC, and most of their feedback from clients averages 4.9 out of 5 stars. There aren't thousands of customer ratings to consider - we only found a few hundred scattered across the internet - but what's there paints a picture of credit counseling that is personalized, effective, and easy to access.
Good but not the best (yet)
DebtWave doesn't quite reach our highest level of recommendation compared with other credit counseling services. The site isn't as professional, and there are a few services offered by competitors that you won't find here. But, the organization overall can be counted on to provide honest, affordable help, so DebtWave certainly isn't a service to avoid either. Just check out your other options first.
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Where Can You Get the Best Credit Counseling?
Credit counseling services can be incredibly helpful to individuals who are struggling with debt, looking to improve their credit score, or simply need guidance on financial planning. However, with so many options available, it can be difficult to know where to turn for the best counseling services.
One of the primary benefits of credit counseling is that it can provide you with a comprehensive assessment of your financial situation. This assessment takes into account your income, expenses, debts, and assets, and helps identify areas where you may be overspending or under-saving. Based on this assessment, the credit counselor can provide personalized advice to you on how to create a budget that aligns with your financial goals.
Credit Counseling Service FAQ
Continued from above...
Another benefit of credit counseling is that it can help you develop a plan to pay off your debts. This plan may involve consolidating debts, negotiating with creditors, or creating a debt repayment plan. By working with a credit counselor, you can develop a debt repayment plan that is tailored to your specific financial situation, which can help you achieve financial freedom more quickly.
In addition to debt repayment, credit counseling can also provide education and resources on how to manage credit and financial products. This education can help you make informed decisions about credit cards, loans, and other financial products, which can improve your credit scores and make it easier to access credit in the future. By learning about the different types of credit products available, you can choose the products that are best suited to your financial goals and needs.
The first step in finding the best credit counseling service is to identify your specific needs. Are you currently dealing with significant credit card debt? Are you looking for guidance on how to improve your credit score? Do you need help with financial planning or budgeting? Depending on your situation, you may need to seek out a credit counseling service that specializes in a particular area of financial counseling.
Once you have a clear understanding of your needs, you can begin your search for the best credit counseling service for you. A good place to start is by checking with non-profit credit counseling organizations, as they typically offer free counseling services and may also be able to direct you to resources that can help you better manage your finances.
There are also a number of for-profit credit counseling services available, many of which offer free consultations to help you determine whether their services are right for you. When considering a for-profit credit counseling service, it's important to do your research and make sure that the organization is reputable and has a solid track record of success.
When evaluating any credit counseling service, be sure to consider these factors as well:
- Experience and credentials. How long has the service been operating? How many clients have they helped? What kind of certifications does the provider have?
- Types of service offered. Will you receive basic counseling or in-depth, hands-on help with making a budget and paying down debt? Which services are free and which ones are fee-based?
- Client feedback. Read reviews and testimonials from previous clients to get a better sense of their effectiveness and customer service. Credit problems are stressful enough on their own, so finding a counseling service that has a good reputation can ease your worries during the process of turning over a new leaf.
Ultimately, the best credit counseling service for you will depend on your individual needs and situation. Top Consumer Reviews has done the hard work of researching all of today's most popular credit counseling providers, making it easy for you to choose the one that will best help you make better financial decisions and achieve your goals.
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