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Diving into Debt Consolidation Companies

Debt consolidation can help you regain financial control in times of deep financial despair. However, debt consolidation companies may not always be most reliable to help you in your stressful situation. Credit problems and debt elimination are already stressful as it is. Therefore, identifying the right debt consolidation companies can help you with the process immensely. Fortunately, there are some simple ways to narrow down debt consolidation companies.

debt consolidation companies

Debt Consolidation Companies:

Types of Services Offered

The first way to sort out debt consolidation companies is by the primary type of service that they offer. It’s best to think twice before doing business with:

  • Companies pushing some type of credit settlement and other debt solutions. Debt settlement can have a serious negative impact on your credit. With this process, the fees are typically high and some creditors may refuse to participate in the settlement. There is also the possibility that you may be taxed on the difference between the lump sum you pay and the total amount you owe.
  • Companies pushing loans as help with debt problems. When you borrow more money to pay off existing credit card debts, the interest rate on the loan is often increased. This may result in even more debt than you are now.

You’re better off steering toward nonprofit debt consolidation companies that can consolidate your debt into one monthly payment. This way, you can take care of your debt without any additional borrowing.

Mission & Service Quality: 

Another way to narrow down debt consolidation companies is by their mission and service quality. 

  • It’s best to work with a non-profit credit counseling organization rather than a for-profit debt consolidation firm. A non-profit credit counseling agency’s sole mission is to help its customers, and non-profits’ fees are typically minimal.
  • Check with the Better Business Bureau (BBB) for information on any debt management agencies that you’re considering working with. A high grade from the BBB means that you’re likely to receive good customer service from the agency.

How to Identify Reputable Debt Consolidation Companies

Debt consolidation can help you bring order to an out-of-control debt problem. Unfortunately, because consumers struggling with debt are often in a vulnerable position. Some debt consolidation companies will exploit that vulnerability. They may charge exorbitant interest rates or fees, or make promises that they can’t keep. The good news is that there are some simple ways to identify reputable debt consolidation companies that will treat you fairly.

What to Look for in Debt Consolidation Companies

Debt consolidation can help you restore order and control when you’re feeling overwhelmed by credit card bills. The key is to be very careful in choosing debt consolidation companies to work with. Putting some time and effort into the selection process will pay off over the long run.

So, research makes a lot of sense. Look online, make calls to clarify if the organization you choose has the right standards to meet your financial needs. Here are some important factors to consider in the process. 

  1. For each debt consolidation firm you’re considering, review their service descriptions. Make sure they’re not asking you to borrow money to consolidate. More borrowing is not the answer to your debt problems.
  2. Check how long the debt consolidation firm has been in business. A decade or more is preferable.
  3. See if the company offering debt relief is for-profit or non-profit. A non-profit debt relief agency is more likely to provide you an affordable consolidation solution.
  4. Find out exactly what the debt consolidation firm will charge you for its services. If a company is vague about this, look elsewhere.
  5. Check the company’s record with the Better Business Bureau. What grade does the Bureau give the company on its A through F scale? Are there unresolved customer complaints on file?
  6. See whether the company can provide you with testimonials from past customers. A high-quality debt consolidation firm should proudly make these available.

Why Should ACCC be Your Choice?

American Consumer Credit Counseling (ACCC) provides debt assistance and debt consolidation services for consumers nationwide. For more than two decades we’ve provided American individuals and families help with credit challenges, at the times when they most needed help. ACCC is the debt consolidation firm that can put you on the path to financial freedom:

  1. With ACCC’s debt consolidation program you do not borrow more money. We negotiate a plan with your creditors, which often results in lowering your interest rates. Each month you make a single payment to ACCC and we then pay your creditors.
  2. We’ve been in business since 1991.
  3. We’re a non-profit (501)(c)(3) organization, dedicated to helping individuals, families, and communities.
  4. The Better Business Bureau gives us an A+ grade.
  5. Under our website’s About Us menu, we feature reviews from some of the thousands of clients who we’ve helped over the years.

Choose the Right Company and Make Debt Consolidation Work

Once you go through the strenuous process of identifying the right organization, then you can move on to making debt consolidation work for you. The end goal in this entire process is to improve your financial health. So, how does it work? 

Debt consolidation is the process of combining all of your unsecured debt into one monthly payment. Unsecured debt can include credit cards, medical bills, and personal loans. Debt consolidation is a viable option for consumers who are struggling to keep up with multiple payments with multiple due dates. Through a debt consolidation plan, you make one monthly payment and on the day that works best for you and don’t have to worry about multiple payments and due dates. 

Debt consolidation can help you become more financially organized, pay down your debt more quickly while benefiting from a possible reduction in interest rates as well as many other advantages. By enrolling in a debt management plan you will receive other benefits that may include waived fees, ending collection calls, a reduction of finance charges and over-limit fees, and paying off your debt faster. 

If you have any debt consolidation questions, speak with a certified counselor at ACCC today. Call 800-769-3571. 

ABOUT AUTHOR / Dilini

Dilini is a Marketing Communications & Programs Associate at ACCC. To anyone, managing finances can be a real challenge! Any tips and tricks to help get through this are great! Dilini will share her experiences, tips, and tricks along the way through the Talking Cents blog. Stay tuned!

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