Debt still remains to be a constant financial burden for most American families. Nerdwallet.com mentions that the average household balance on credit cards is at $15,279. This is when you take into account the households that are in debt only. As for the other debts, site reports that the average mortgage debt is at $149,456 and the student loans are currently at $32,140.
The average household debt still continues to rise and that is what keeps a lot of consumers from improving their finances. If you are one of the people struggling, you have to find the right debt consolidation program that will help you get out of the slavery of debt.
While you can get out of debt on your own, the fact remains that some consumers need the help of a professional. If you lack the confidence to face your creditors or you simply do not have the time to negotiate with them, you can look for debt consolidation companies that can assist you in getting out of debt.
Criteria in selecting the top debt relief companies
While there are legitimate companies that will help you get out of debt, you have to realize that there are scammers out there that will be trying to rob from you. Most of them prey on the desperate. You need to keep abreast of the debt relief scammers that you should avoid and you can find the information from the FTC.gov website. Constant vigilance and proper due diligence is a must before you put your trust in a debt relief company.
Because of this need, Debt Consolidation USA wishes to help you by providing you with the top three debt consolidation companies in the industry. These three companies are chosen based on various criteria.
Offered debt solutions. The first is regarding the debt solutions that they offer. The best debt consolidation company should be knowledgeable of more than one debt relief program. There are many options like credit counseling, debt management, debt consolidation loans, debt settlement and bankruptcy. Even if the company offers a primary debt solution, they should be able to provide adequate information to the consumers about the best debt relief option that suits their specific financial situation. The variety of debt relief options is a strong quality that Debt Consolidation USA looks for in a top ranking debt consolidation company.
Cost of service. The next criteria involves the amount that the consumer must pay for the debt relief service that is being offered by the company. Not only is the amount a factor to consider, the manner by which the fee is paid is also important. Ideally, a percentage of what is being saved is the best service fee that the company can charge their client. Of course, this also means the company does not ask for upfront fees.
Reliability and customer satisfaction. The last criteria is reliability and customer satisfaction – specifically from past clients. The important information needed includes the length of tenure of the company and their affiliations. In terms of customer satisfaction, the main source of information that Debt Consolidation USA looks into is the Better Business Bureau.
The debt relief website seriously considers the various questions that consumers must ask debt consolidation companies and their respective credit counselors. This allows Debt Consolidation USA to make unbiased ratings for the various debt consolidation companies that are available in the country.
Top three companies that professionally helps to consolidate debt
Based on the criteria discussed above, here are the three debt consolidation companies that landed in the top spot of Debt Consolidation USA’s list.
National Debt Relief
The company that landed in the top spot is National Debt Relief. The company have been in the business since 2007. The thing that makes them stand out among the other debt consolidation companies is the fact that they create a personalize debt solution for their clients. They analyze the financial situation of the consumer very carefully before their create a payment plan.
The company accepts consumers who have at least $7,500 worth of unsecured debt. Debt Consolidation USA gave this company a high rating because of the user friendly website of National Debt Relief. The site contains hundreds of articles that provide relevant information about debt, debt relief and financial management.
The debt relief process is also very convenient. A client can simply call or fill out an online form and they will be assigned an IAPDA certified debt expert (International Association of Professional Debt Arbitrators). All of the debt experts are trained, friendly and knowledgeable about all kinds of debt solutions.
National Debt Relief earned an A rating with the Better Business Bureau mostly because of their customer satisfaction. In case a customer wants to cancel on the company, they will not be charged with a penalty fee. They are also affiliated with the American Fair Credit Council and the International Association of Professional Debt Arbitrators. They are also a member of the US Chamber of Commerce.
Debt Consolidation USA observed that National Debt Relief is a great option for those who are burdened with huge amounts of debt. The client will not be asked to pay a fee unless a settlement or agreement had been successfully reached.
The debt consolidation company that earned that second ranking in the list of Debt Consolidation USA is CuraDebt.
The company specializes in unsecured or tax debts that is $10,000 or more. Having been in the business since 1996, the founders of the company are knowledgeable with debt negotiation and debt settlement. They cater to both individuals and small businesses.
The process begins with a free consultation with their certified debt professionals. Upon filling out their online form, a CuraDebt expert will call the consumer. Depending on the specific financial situation of the consumer, they will be connected to the right debt expert. The company has an expert that can help consumers with different debt solutions.
In terms of the fees, CuraDebt has a Performance Based Debt Settlement Program that basically charges consumers based on the debt settlement efforts of the company.
The company is a member of the American Fair Credit Council, International Association of Professional Debt Arbitrators and the Online Business Bureau.
CareOne Debt Relief Services
The third place holder in the list of the best debt consolidation companies is CareOne Debt Relief Services. This company is in fact a representative of different debt relief providers. This allows them to match a consumer with the right debt relief program that suits their debt and financial needs. The great thing about this company that earned them the last spot in this list is the fact that they can accept consumers with debt problems that is as low as $2,500.
Each of the debt relief providers of CareOne has to meet a certain criteria before they can be a part of the group. This provides them with the ability to provide top quality service to their clients.
When a client hires CareOne, it all begins with an online application. The basic information is used by the company to connect the client with the right program. The clients are given access to their own account information anytime. Not only that, they are given monthly statements that will allow them to monitor their debt progress.
With the information you provide CareOne, they carefully study the details and revert back to you with options. They outline the debt relief programs that you might want to consider that is based on your needs. From here, you have the option of enrolling right away with the recommended program for you. You can also pick up the phone and discuss the debt analysis with a CareOne associate.
More than the safety in online transactions, CareOne also provides the support community where experts on debt and payment programs are accessible for any question you might have. There are also educational resources that are given for free for people who want to learn on their own.
These are the top three debt consolidation companies based on the set criteria of Debt Consolidation USA. If you are looking for trustworthy debt consolidation companies, you may want to start with these three debt relief providers.