Best Debt Relief Companies – Help When You're Underwater
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Millions struggle with debt. We help them move on with their lives.
- End your debt stress with a proven, affordable debt relief program. Our consultants will guide you through every step.
- Everyone’s financial situation is different. That’s why we start by giving you a free debt analysis and create a custom solution based on your unique needs and goals.
- Let us help you solve your debt problems and move forward with improving your overall financial health.
Not available in CO, HI, ND, OR, RI, VT, WA, WV, WY, MN, DE, IA.
Make a commitment to get out of debt with a dedicated team that will support you every step of the way, providing you with the necessary resources and assistance to achieve financial freedom. You’ll get the help you need without paying any fees for our services until your debts are reduced and you save money.
See if you qualify for credit card relief.
Debt can be a powerful financial tool when managed properly, enabling individuals to achieve significant life goals like purchasing a home or car. However, when debt spirals out of control, it can severely impact one’s financial health. Debt relief companies offer a solution for those struggling with high-interest rates and overwhelming debt, helping them negotiate with creditors to reduce the total amount owed. By consolidating payments and settling debts for less than the outstanding balance, these companies aim to provide a path toward financial recovery.
In this article
Overview of the best debt relief companies
- Best for business debt: National Debt Relief
- Best for complete debt solutions : ClearOne Advantage
- Best for high-interest credit card debt: Accredited Debt Relief
- Best for tax debt relief: TurboDebt
- Best for the access to attorneys: New Era Debt Solutions
- Best for low minimum debt requirement: CuraDebt
- Best for large purchases: Freedom Debt Relief
Compare the best debt relief companies
Company | Description | Minimum debt amount | Fees | Average debt settlement period |
Rated as one of the top debt relief companies, it negotiates with creditors to lower your debt. | $ 7,500 | 15% - 25% of debt | 24-48 months | |
ClearOne offers dedicated specialists to help handle your debt. | $ 10,000 | 25% of the debt | 24-60 months | |
Accredited by AFCC, Accredited Debt Relief offers a free consultation with a specialist. | $ 10,000 | 15% - 25% of debt | 12-46 months | |
TurboDebt has successfully settled over $15 billion in debt. | $ 10,000 | 15% - 25% of debt | Not specified | |
The company has expert attorneys that handle everything in-house. | $ 10,000 | 14% to 23% of debt enrolled | 24-48 months | |
CuraDebt has lower minimums as compared to its competitors. | $ 5,000 | 20% of debt | 24-48 months | |
Freedom Debt Relief has a straightforward application process and offers a quick plan at no fees. | $ 7,500 | 15% - 25% of debt enrolled | 24-60 months |
Make a commitment to get out of debt with a dedicated team that will support you every step of the way, providing you with the necessary resources and assistance to achieve financial freedom. You’ll get the help you need without paying any fees for our services until your debts are reduced and you save money.
See if you qualify for credit card relief.
Best for business debt: National Debt Relief
Pros & cons
Pros
- No upfront costs.
- You only pay if your debt is settled.
- The company refers you to other alternatives if debt settlement isn't appropriate.
Cons
- Only works with unsecured debt.
- Not available in Oregon, Vermont, and West Virginia.
Minimum debt: $7,500
Fees: 15% - 25% of debt
One of the top debt relief companies, National Debt Relief, offers debt settlement services and debt management plans. It offers complete transparency with a money-back guarantee and has a fee ranging from 15% to 25% of the debt enrolled. National Debt Relief has a strong track record for results with no upfront fees. The company has spent more than a decade in the business and has helped many get out of debt through its debt relief services. You must have $7,500 in qualifying debt if you want to be a part of the program, and it does not handle specific types of debts, including mortgages.
The process involves a free consultation with one of the counselors, where you can explain your situation and discuss potential solutions. The company will have you set aside some amount in a separate account every month, and you can use this amount to settle your total debt later. It will also help coordinate and negotiate with the creditors for you. The programs last anywhere from 2 years to 4 years. National Debt Relief is one of the best companies nationwide, with an A+ rating from the Better Business Bureau. You can call and speak with the debt counselors at no cost. It aims to offer easy and efficient alternatives to bankruptcy to help you get on track with your life.
Visit National Debt Relief
Or read Joywallet's review of National Debt Relief.
Best for complete debt solutions: ClearOne Advantage
Pros & cons
Pros
- Quick application process.
- No upfront costs.
- Personalised plan.
- Free consultation.
Cons
- Not available in all states.
- Will not accept all creditors.
Minimum debt: $7,500
Fees: 25% of debt
ClearOne Advantage offers a complete suite of debt settlement and resolution services. Having helped more than 170000+ clients clear debt, it is one of the top rated companies in the industry. The minimum debt required to qualify for ClearOne's service is $10,000 and there are no upfront fees.
You only pay when the debt settlement plan is created for you. Additionally, there are several articles to help you understand debt and consider your options. The website states that if you stick to its settlement program, you can save about 50% in 2 to 5 years. Once you complete your application, you will have a dedicated specialist who will help understand your situation and have a plan ready for you in 20 minutes. They also have expert negotiators who will speak to the creditors on your behalf and reach an agreement.
Visit ClearOne Advantage
Or Read Joywallet's review of ClearOne Advantage.
Best for high-interest credit card debt: Accredited Debt Relief
Pros & cons
Pros
- No upfront fees.
- Personalised service.
- Money-back guarantee.
Cons
- Does not cover unsecured debt.
- Not available in every state.
Minimum debt: $10,000
Fees: 15% - 25% of debt
A great choice for a debt settlement program, Accredited Debt Relief offers both debt management plans and debt settlement offers. The company has gained massive success in debt relief with high-interest credit card debt exceeding $10,000. According to the company’s website, many customers have settled their debts for as low as 50% of what they owed. Accredited by AFCC, Accredited Debt Relief will begin your free consultation with a debt specialist who will help discuss all the situations and options.
If you are the right candidate, the company will help you save money in a separate account and negotiate with creditors on your behalf. This will lead to a debt settlement process much less than the amount you originally owed. However, to be eligible for the plan, you need a debt of $10,000, and the fees will range from 15% to 25% of the debt enrolled. They also have a money-back guarantee, allowing you to cancel the program whenever possible. The company claims to settle the debt in as little as 12 months, which could normally take more than 40 months for many. There is a standard debt settlement plan, but they also assist with bankruptcy, debt consolidation loan, and management. An expert will examine your situation and explain the costs before committing.
Visit Accredited Debt Relief
Or read Joywallet's review of Accredited Debt Relief.
Best for tax debt relief : TurboDebt
Pros & cons
Pros
- Offers debt settlement, validation and consolidation.
- Free credit counselling.
Cons
- High minimum debt requirement.
- Fees depend on the service provider they connect you with.
Minimum debt: $10,000
Fees: 15% - 25% of debt
TurboDebt is another well-known name in the industry. The company offers debt settlement services for your debt ranging anywhere from $10,000 to $100,000+. You enjoy 100% free credit counseling from the experts, and the fees kick in only when you enroll in the debt program. TurboDebt will connect you with a service provider who will take you through the process. The fees can range from 15% to 25% of the outstanding debt.
The credit counseling agency offers the best services, from planning and advising to counseling. Their services include debt consolidation, debt verification, and debt settlement. Out of all the companies mentioned here, TurboDebt has the lowest minimum debt requirement, and it is ideal if you have a small debt and want help with the repayment.
Visit TurboDebt
Or read Joywallet's review of TurboDebt.
Make a commitment to get out of debt with a dedicated team that will support you every step of the way, providing you with the necessary resources and assistance to achieve financial freedom. You’ll get the help you need without paying any fees for our services until your debts are reduced and you save money.
See if you qualify for credit card relief.
Best for the access to attorneys: New Era Debt Solutions
Pros & cons
Pros
- Low fees.
- Excellent reviews.
- In-house attorneys who handle everything.
Cons
- Not available in all states.
Minimum debt: $10,000
Fees: 14% to 23% of debt enrolled
Another debt relief company offering exceptional services, New Era Debt Solutions, offers unique debt settlement and management plans. The company has a team of attorneys that ensure everything is completed according to the laws. All the services are handled in-house, and there are no upfront fees. They will charge performance-based fees only when you see results. New Era Debt has managed to help clients settle more than $275 million in debt. As debt settlement companies work, they will help you save money in a separate account and negotiate with creditors.
The fees start from 14% to 23% on the debt enrolled. Some clients settle their debts and become debt-free in about 2 to 3 years, and the company claims to have managed to reduce over 50% of the debt owed. You will be assigned an account management team from the start, and the experts will handle everything. However, New Era Debt is not available in all cities and states. The company enjoys excellent reviews and offers a quick debt solution that allows you to settle for less than you owe.
Visit New Era Debt Solutions
Best for low minimum debt requirement: CuraDebt
Pros & cons
Pros
- No upfront fees.
- No-obligation consultation.
- Low minimum debt requirement of $5,000.
Cons
- Not available in all states.
- Does not handle secured debts.
Minimum debt: $5,000
Fees: 20% of debt
Next on the list is CuraDebt, which also offers a debt settlement and debt management program. Many companies shy away from tax debts, but CuraDebt has a special plan for customers who owe back taxes. It is a part of the debt settlement program that helps consumers become debt-free. They have a free consultation to help you discuss your problems and understand their programs. They have a wide array of debt settlement letters that show the consumers who have settled debts for as little as 20% of the amount outstanding. The average fee is around 20% of the debt enrolled, and no monthly administration fees exist.
It is a great choice for customers with multiple debts, including credit cards, personal loans, and taxes. They offer in-person consultation only in Hollywood. Their assistance for tax debt relief is available at a flat fee and helps settle state tax and IRS debt with the help of specialized experts in their team. The company also helps initiate debt consolidation and offers tax debt relief services to the Federal and State governments. You need to have $5,000 in minimum debt to qualify for the services, making it a great choice for those with a small amount to settle.
Visit CuraDebt
Or read Joywallet's review of CuraDebt.
Best for large purchases: Freedom Debt Relief
Pros & cons
Pros
- No upfront fees.
- Free consultation.
- A Certified Debt Consultant to work with.
- A client dashboard to monitor progress.
- Excellent customer service.
Cons
- Not available in all states.
- Cannot help with Federal student loan debt, mortgages or auto loan debt.
Minimum debt: $7,500
Fees: 15% - 25% of debt enrolled
Freedom Debt Relief sets itself apart by allowing the clients to track their progress on the dashboard. It is also the founding member of the American Fair Credit Council. They offer debt settlement and management plans at no upfront fees. After your free consultation with the experts, they will create a personalized settlement plan for you, asking you to set aside a specific amount every month. Once you deposit the money, you will get a client dashboard to stay updated on the progress. It will show the amount you save, what you owe, and the progress made by Freedom Debt Relief in negotiating on your behalf.
The dashboard will keep you focused and motivated while allowing you to participate. Freedom Debt Relief does not charge fees until the work is done for you. Once the debt is settled, you pay a fee equal to a percentage of the debt you enrolled in, which usually ranges from 15% to 25%. Those with high debt and poor credit scores will find Freedom Debt Relief a great option. However, having $7,500 in unsecured debt is essential to qualify. They also offer services to those with business and private student loans and other debt like credit cards and medical debt. With Freedom Debt Relief, you can be out of debt in a couple of years, or even less, in many situations.
Visit Freedom Debt Relief
Or read Joywallet's review of Freedom Debt Relief.
Millions struggle with debt. We help them move on with their lives.
- End your debt stress with a proven, affordable debt relief program. Our consultants will guide you through every step.
- Everyone’s financial situation is different. That’s why we start by giving you a free debt analysis and create a custom solution based on your unique needs and goals.
- Let us help you solve your debt problems and move forward with improving your overall financial health.
Not available in CO, HI, ND, OR, RI, VT, WA, WV, WY, MN, DE, IA.
How does a debt relief program work?
Debt relief works by helping individuals reduce or manage their outstanding debt through negotiation or restructuring. Typically, a debt relief company assesses the individual's financial situation and recommends a strategy, such as debt settlement or consolidation. In debt settlement, the company negotiates with creditors to reduce the total amount owed, often requiring the individual to stop payments and set aside funds for a lump-sum offer.
While debt relief can lower the overall debt burden and simplify payments, it often temporarily harms credit scores due to missed payments during negotiations. Once a settlement or consolidation is achieved, the debt is resolved, offering a path toward financial recovery.
What is the difference between debt consolidation and debt settlement?
The main difference between debt consolidation and debt settlement lies in their approach to handling debt and their impact on finances. Debt consolidation involves combining multiple debts into a single loan, often at a lower interest rate. This makes managing payments easier by turning several debts into one monthly payment. The goal is to simplify debt management and reduce the overall interest paid over time, but the borrower is still responsible for repaying the entire original debt.
On the other hand, debt settlement is a negotiation process where a debt relief company works with creditors to reduce the total amount of debt owed. The borrower agrees to pay a lump sum that is less than the full debt, and the creditor considers the debt settled. This approach can lower the total debt but may negatively affect the borrower’s credit score and carries risks, such as collection actions during the negotiation process.
FAQs
Will the debt relief program hurt my credit score?
A huge downside of the program is that once you stop making the payments, it will show on your credit report. Since your payment history is an important factor in determining your credit score, it will directly affect the score whenever you do not make a payment. But this is not it. When you stop making monthly payments while saving money for debt relief, it will also lead to penalties and late fees, pushing your balance higher. You could get calls from debt collectors and credit card companies. However, all this is temporary.
What is the cost of debt relief?
Most debt relief companies connect you with debt counselors for free. This will get the process started. Based on this, the fees will be charged on the debt you owe and the amount of work involved. The average pricing is usually a percentage of the debt amount. Remember, the fee is over and above the amount you pay your creditors to settle the debt.
Is there any risk associated with debt relief programs?
You must ensure that you are working with a legit debt relief company. There have been many scams in the past where the companies have given false promises and have taken the money and disappeared. They make promises while you fall behind in the delinquent accounts, and you could end up with a huge loss. Ensure that the company is accredited with the American Fair Credit Council and has a history of strong performance.
The bottom line
You can reach out for help settling debts, and when it is the last resort, you need to look for the right debt relief company to help you. All the debt relief companies mentioned here are highly reputable and offer great services. They have exceptional reviews and have helped customers reduce their debt.
You need to pick the right company based on your debt amount and the type of services you seek. Remember to compare the fees charged by each company and check their success ratio. Spend time comparing the debt relief options and make a choice. It might affect your credit score but it is temporary and will help you go debt-free quickly.
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Editor
Vandita Jadeja is a financial writer and editor at Joywallet. She loves to read and write about money and brings a decade of experience from the financial industry.
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