Erase Debt, Empower Finances
Sometimes, you get overwhelmed by debts, and bankruptcy seems to be the only option. Here is where a debt management company comes in: to help you pay off your debts in full each month at a reasonable amount, avoid paying hundreds of dollars in interest, restore your financial security and improve your money management skills.
Sounds like freedom, right? These companies help you create a customized debt management plan (DMP) through non-profit consumer credit counseling agencies to simplify your repayment process. Most of these debt management companies in the USA are non-profit organizations with low and transparent fees.
Ranking Factors
This guide will talk about five companies that offer debt management plans to help you make the best choice. The debt management company must be widely available in the USA to appear on this list. All of our ratings and reviews have come from Trustpilot.
We evaluated companies that provide debt management programs. We ranked them according to their fees, availability, history, digital experience, customer satisfaction and service quality. To make it more comprehensive, here is a breakdown for each category:
- Fees: 25%.
- Availability: 20%.
- Customer services: 20%.
- Reputation: 20%.
- Digital experience (mobile, desktop and web): 10%.
- Services provided: 5%.
How to Choose a Debt Management Company
Debt management companies may often be considered non-profit consumer credit counseling firms or debt relief services. Their primary assignment is to provide the most credible and beneficial debt management solutions. The best among them provide licensed counselors' counseling services and financial education. Here are some of the things you must consider while selecting a debt management company:
Fee
Understand the fee regulations before making any decision. A debt relief agency should have a reasonable enrollment fee and monthly fee for its service.
Reviews
What users are saying about the company matters. Check out their ratings on many trusted websites.
Status
We have established that most reputable debt management companies are non-profit organizations. Some do it for profit and offer similar services, but a layer of trust comes with a non-profit status.
History and Track Record
A company with a history of satisfying customers and a licensed reputation will pull more customers. This signifies that they have maintained the ability to work well with creditors. You can check sites like Better Business Bureau or Trustpilot to get a comprehensive view.
Digital Experience
Since every access is strictly online, be sure to pick a company that features digital tools, online chat and mobile app availability. Security is also paramount. Check if the agency provides 2FA (Two-Factor Authentication).
Additional Services
Knowing more about money management is essential. Some agencies provide educational resources and counseling sessions on this.
Top 5 Debt Management Companies in 2024
Let's take a look at some of the best debt relief services in the USA:
1. TurboDebt
TurboDebt provides customers with the most efficient debt relief service through partnerships with different debt programs. You can also use their free consultation to help them understand your short and long-term goals. TurboDebt’s sole goal is to help you with debt relief and help you take complete control of your finances toward building a debt-free life. TurboDebt uses effective methods like no-obligation-free savings and low-cost solutions to relieve debt. They help clients with debt management plans that suit their needs.
- Trustpilot rating: 5.0
- Trustpilot reviews: 9,300+
2. Americor
Americor is a leading financial technology provider that offers customers loan, debt and credit solutions. They combine data integration and proprietary technology to provide fast, transparent, innovative solutions. Americor has a unique resolution plan that helps struggling families and individuals pay off their debts quickly. They also offer a free debt consultation and analysis to evaluate your current financial situation toward a debt-free life.
- Trustpilot rating: 4.9
- Trustpilot reviews: 15,570+
3. CreditAssociates
For the past 15 years, CreditAssociates has been known for breaking clients' endless cycle of debts. Their reputation and reliability in the debt relief industry have helped them resolve over 300,00 accounts with an estimated $1 Billion in service debt. Most of CreditAssociates’ clients are typically debt-free in 24-36 months. They make debt management more accessible for you, and instead of being crushed by credit card debt, you can walk your way into financial freedom with them.
- Trustpilot rating: 4.9
- Trustpilot reviews: 14,860+
4. ClearOne Advantage
ClearOne Advantage has been in the debt relief industry since 2008, helping thousands of clients resolve large credit card bills and other debts without upfront fees. The certified debt specialists working at ClearOne help you create a custom and secured debt relief plan to help you negotiate a lower amount with creditors for flexible payment. Debt resolution isn’t for everyone, but the idea is for you to stick around and pay off your debt within three to four years. After that, you will be left with more cash at hand to spend.
- Trustpilot rating: 4.9
- Trustpilot reviews: 8,670+
5. Accredited Debt Relief
Accredited Debt Relief has been delivering custom financial solutions to clients since 2011. They create a personalized debt relief program to help their clients reduce their debts. Their main goal is to provide every customer with debt relief options and flexible savings. They understand what a financial debt-free journey feels like and show support and transparency to their clients. Accredited Debt Relief also offers free consultation to educate their customers.
- Trustpilot rating: 4.9
- Trustpilot reviews: 5,800+
How To Qualify for a Debt Management Plan
There are mainly three main questions to know if you are eligible for a debt management plan:
- What type of debt do you have?
- How much do you owe?
- What is your overall budget?
The United States has various debt relief programs with different qualifying requirements. If you are having financial difficulties, you might seek guidance from credit counseling. A debt management program is available if your case is to repay your debts and have a sustaining income. You can find out more if you qualify for debt settlement, debt relief or bankruptcy.
What Next?
We have written a detailed rating and reviews for the best debt management companies you can partner with. You can assess your financial situation and determine the best debt relief solution based on the ranking factors.
Learn about the best cash advance credit cards.