8 Best Debt Consolidation Companies

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If eliminating debt is a top priority for you, do your homework to find a reputable debt consolidation company. Many companies offer a range of debt management, debt negotiation, debt settlement and debt relief services. Some also provide in-house debt counseling for those facing financial hardship. 

See: 3 Things You Must Do When Your Savings Reach $50,000

Before committing to a debt consolidation company, beware of the fees involved and get a realistic estimate of how long it will take to craft a debt management plan, consolidate debt and reduce your debt load. Here’s a closer look at the eight best debt consolidation companies based on the types of programs offered, program time frame, fees and other factors.

Best Debt Consolidation Companies

GOBankingRates evaluated debt consolidation companies based on a number of factors, including the comprehensiveness of programs offered, program time frame and fees. See if one of the eight best debt consolidation companies is right for you.

1. New Era Debt Solutions
2. Accredited Debt Relief
3. Freedom Debt Relief
4. Pacific Debt Relief
5. Debtmerica Relief
6. CuraDebt
7. JG Wentworth
8. InCharge Debt Solutions

1. New Era Debt Solutions

• Programs: Debt relief, debt counseling and debt consolidation
• Time frame: Three years or less
• Fee for reduced debt: None listed
• Minimum debt required: None listed

If you want to settle your debt, you can turn to the experts at New Era Debt Solutions to help you reorganize your finances. If you have unsecured debt, the company can help you with its staff of debt relief specialists, financial experts and attorneys. You can get a free debt analysis by submitting some basic information about your situation online.

You don’t pay any administrative fees, and all other fees are billed after a settlement is reached.

2. Accredited Debt Relief

• Programs: Bankruptcy, credit counseling, debt consolidation, debt management and debt settlement
• Time frame: One to four years
• Fee for reduced debt: 15%-25%
• Minimum debt required: $1,000

If you need help getting out of debt but don’t know which types of services you need, Accredited Debt Relief can match you to a program that works for your unique situation. The company offers several avenues to debt reduction, including credit counseling and debt management, to help you reduce your debt load and save money.

To get the most out of the program, the company suggests including all credit cards that have a balance of $500 or more. Negotiations begin within one to two weeks of signing up for the program.

3. Freedom Debt Relief

• Programs: Debt counseling, debt consolidation, cash-out refinance and debt settlement
• Time frame: Two to four years
• Fee for reduced debt: 15%-25%
• Minimum debt required: None listed

Since 2002, Freedom Debt Relief has resolved more than $15 billion in debt for its clients. It offers a no-risk debt relief consultation so you can learn about your options, and it will negotiate settlements with creditors to reduce your debt.

Clients have access to a dashboard to track their debt settlement status. Freedom Debt Relief offers a customized monthly deposit program with no origination fee or other fees until you see results.

4. Pacific Debt Relief

• Programs: Debt settlement, debt consolidation, credit counseling and bankruptcy
• Time frame: Two to four years
• Fee for reduced debt: 15%-25%
• Minimum debt required: $10,000

After you sign up with Pacific Debt Relief, you can resolve your debt in 24 to 48 months, all without paying any fees until you get results. The company helps people who might not have qualified for a debt consolidation loan and those who are thinking of filing for bankruptcy. Pacific Debt Relief connects you with a personal account manager who works to settle all your enrolled debt.

5. Debtmerica Relief

• Programs: Bankruptcy, consumer credit counseling and debt consolidation
• Time frame: Four years maximum
• Fee for reduced debt: 20% to 24%
• Minimum debt required: $10,000

Debtmerica Relief specializes in debt settlement services. It can resolve your debt in as little as 24 to 48 months with no upfront fees until at least one enrolled debt is resolved. The company’s goal is to help you avoid bankruptcy and get a better handle on your debt load. Debtmerica Relief does this by consolidating what you owe into one low monthly payment and lowering your unsecured debt balances through negotiation.

The debt resolution program fees range from 20% to 24% of the enrolled debt by the time you complete the debt program. The company offers a free quote to see if debt settlement is right for you.

6. CuraDebt

• Programs: Bankruptcy, debt management, debt consolidation and debt settlement
• Time frame: Two to four years
• Fee for reduced debt: 20%
• Minimum debt required: $5,000

Whether you’re struggling to pay back your tax debts or need some relief from overwhelming credit card balances, you can get a free savings estimate from CuraDebt, which will show you how much you can save with the CuraDebt debt relief program.

The company offers several debt relief services for both individuals and small businesses in the U.S. and can help with unsecured debt with high interest rates, such as credit cards and personal loans. The company can’t help with secured loans, though. Average fees are 20% of your enrolled debt and are included in your monthly payment.

7. JG Wentworth

• Programs: Debt settlement, debt consolidation, credit counseling and bankruptcy
• Time frame: Two to four years 
• Fee for reduced debt: None listed
• Minimum debt required: $10,000

You can work with a certified debt specialist to get the right debt settlement service for you. JG Wentworth offers debt negotiation and counseling services and will not charge any fees until the account is settled. Many consumers pay off their debt in 24 to 48 months, and JG Wentworth says its advisors can negotiate a settlement of your debt at a rate of up to 51 cents or more on the dollar.

8. InCharge Debt Solutions

• Programs: Credit counseling, debt management, debt consolidation and bankruptcy
• Time frame: Three to five years
• Fee for reduced debt: $0 to $55
• Minimum debt required: $1,000

If you’re looking for credit card debt relief and debt consolidation programs, InCharge Debt Solutions can put together a program to help. You can turn to the company for credit counseling services and debt consolidation to lower your monthly payments.

The debt management program is designed to help you pay off credit card debt within three to five years without having to take out a new loan. The company also offers nonprofit online credit counseling and online tools for managing debt.

Final Take

By selecting a reputable and effective debt consolidation service, you can reduce the burden of your debts and regain control over your financial life. Remember to scrutinize the program details, time frame and fees involved to ensure you are making an informed decision. Take advantage of free consultations to assess if a particular debt settlement company aligns with your financial goals.

Chris Ozarowski contributed to the reporting for this article.

Information is accurate as of July 5, 2023.

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