The 8 Best Debt Consolidation Companies
Which Debt Consolidation Company is the Best?
Picture this: you've got a bunch of debts hanging over your head, like credit card balances, student loans, and maybe even a car payment or two. It's like juggling flaming torches while walking on a tightrope. Stressful, right? That's where debt consolidation swoops in, to help your finances feel a little less like being in the circus.
Debt consolidation is essentially rolling all your debts into one easy-to-manage account. Instead of keeping track of multiple payments with different interest rates, due dates, and creditor phone numbers, you bundle them up into a single, more manageable monthly payment. You borrow enough money to pay off all your existing debts, then focus on repaying just that one loan.
Monday, December 2nd
2024 Debt Consolidation Company Reviews
National Debt Relief
National Debt Relief has assisted thousands of people with consolidating their debt by arranging reduced payments with creditors. You'll deposit funds into an account in your name, which NDR will use to negotiate on your behalf; once you accept a particular settlement, a small fee is charged based on your total debt. With over 33,000 five-star reviews from very satisfied clients, National Debt Relief stands out as our top choice for debt consolidation. Don't hesitate to reach out to them for a free consultation and take control of your finances.
TurboDebt
TurboDebt, a debt consolidation option established in 2020, is the fastest-growing debt relief company in the nation, with over $15 billion in settled debt for 500,000+ clients. They offer a free initial consultation, where they work to understand your specific financial situation, and then refer you to the most appropriate debt relief company. They've earned an impressive "A-" rating from the BBB and have thousands of five-star reviews. Even though they're the new kid on the block, their high customer ratings and proven record earn this company very high marks.
Curadebt
CuraDebt isn't your typical debt consolidation service. Instead of giving you a loan at a lower interest rate than what you currently owe so that you can replace multiple monthly payments with a single one, CuraDebt actually works with your creditors to negotiate a lower debt altogether (up to 75%). There are no upfront or monthly fees here either: you simply pay a percentage (20% or less) of the debt you enrolled with CuraDebt, and that's only after you accept a settlement they negotiated for you. You can see why so many people have given this company positive reviews in the 20+ years it's been in operation. If you'd rather not consolidate your debts with a loan, you'll definitely want to reach out to CuraDebt.
Upstart
Upstart can give you a jumpstart on debt consolidation through a loan, especially if you're having trouble qualifying based on your credit score alone. Their holistic qualification process takes your educational background and earning potential into account when deciding to connect you with personal loans that can be used to pay off higher-interest debt. While it'll be up to you to use your funds accordingly, you'll have no issues with the service here itself: over 40,000 people have given Upstart a perfect five-star rating. This is the first place we'd go when looking for a debt consolidation loan.
SoFi®
SoFi, with over two million members and $50 billion in loans, offers debt consolidation via personal loans from $5,000 to $100,000. You can choose to repay the loan over 2 to 7 years. Funds are usually available quickly, sometimes even on the same or next day. If you sign up for autopay, you might save on interest. While you should keep an eye on origination fees here, SoFi has an "A+" rating from the BBB and thousands of five-star ratings on Trustpilot, making it a reliable option for consolidating debt through personal loans.
SuperMoney
SuperMoney links you up with reliable lenders who provide personal loans that you can use for consolidating your debt. They make it easy to compare loan offers from different places, giving you all the details about the lenders and what other people think of them. You can apply for loans as big as $100,000 or as little as $500, but what you actually get depends on your credit and income. Your privacy is safe here, and SuperMoney has a fantastic client rating averaging 4.9 stars. If you're looking to check out your debt consolidation loan options, SuperMoney is a solid choice.
Happy Money
If you're drowning in high-interest credit card debt, Happy Money might just be your lifeline. Since 2009, they've teamed up with banks and credit unions to help over 300,000 clients by providing more than $6 billion in debt consolidation loans. Their loans range from $5,000 to $40,000 and offer competitive interest rates, along with origination fees of 1.5% to 5.5%. To qualify, you'll need a credit score of 640 or higher, no recent missed payments, and a credit history of at least 3 years. They'll also look at your debt-to-income ratio and how much credit you're using. Once you're approved, you could get your money in your bank account in 3-6 business days, or they can send it directly to your credit card companies within 30 days. People seem pretty happy with Happy Money, so if you're looking to consolidate your debts, they're worth checking out.
LendingTree
When you need money to consolidate your debt, LendingTree steps in to help you discover loans from various lenders. With years of experience and a wide array of financial partners, they've got your back. You can get loans up to $50,000, but what interest rates and terms you get depends on the lender you choose and your specific situation. LendingTree provides loads of info about each lender in their network, making it a handy research tool even if you end up not using LendingTree to actually take out a loan. Just keep in mind that some consumers report receiving lots of marketing messages from other companies after using LendingTree. Despite this, it's still a solid spot to scout out debt consolidation loans from different lenders.
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With debt consolidation, you get to hit the reset button on your finances, giving you a fresh start with a simpler repayment plan. Plus, personal loans often come with lower interest rates than credit cards, which can save you some serious cash in the long run.
Before continuing, let's clear up some terminology confusion. Debt consolidation, debt restructuring, and debt management might sound like they're cut from the same financial cloth, but they each have their own distinct flavors.
Debt consolidation is all about streamlining multiple debts into one manageable payment, usually through a loan or balance transfer. Debt restructuring, on the other hand, involves renegotiating the terms of your debts with creditors to make them more manageable. This could mean extending the repayment period, reducing interest rates, or even forgiving a portion of the debt. And then there's debt management, which is like having a wise old sage by your side, guiding you through the treacherous forest of debt. Debt management plans, often offered by credit counseling agencies, could potentially help you organize your finances, create a budget, and negotiate with creditors to lower interest rates or fees.
Where should you turn for the right debt consolidation for your unique financial situation? Great question. Here are some criteria you can use to sort through today's most popular options:
- Method of consolidating debt. Will you be taking out a loan and paying off all of your existing creditors (like credit card companies)? Is there more to the company's strategy for helping you get ahead financially?
- Eligibility requirements. Some companies have some basic eligibility criteria to meet. That could be a minimum amount of unsecured debt (usually around $5000+), a minimum credit score (if you're taking out a new loan), or a certain amount of monthly income.
- Costs. You should be on the lookout for any fees associated with your debt consolidation plan. That could be an origination fee on a new loan, in addition to interest, or a fee for a debt settlement program.
- Education and support. How much help do you want with your debt consolidation? Are you looking for a relatively hands-off relationship like a loan, or more guidance with respect to your finances (so you don't need to go through debt consolidation again in the future)?
- Reputation. Take a look at what others have said about the lender or provider you're considering. Is support available when you need it, to answer your questions at any stage of the process? Has the company been evaluated by the Better Business Bureau? Have people like you said that their financial situation was improved by working with the debt consolidation company?
Debt doesn't have to be a four-letter word. With the right tools (like the insights in our reviews and rankings at Top Consumer Reviews), you can get all the information you need about the most popular sources of debt consolidation today, in order to wrangle your debts into submission and reclaim control of your financial future.
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