If your credit card debt has gotten out of control, you’re not alone. Americans owed a collective $4.2 trillion in non-housing debt in the final quarter of 2019, according to the Federal Reserve. Sometimes, it can feel like there’s no end in sight when it comes to financial difficulty. But there is help available, and if you’re drowning in debt and struggling to make payments, it may be time to seek assistance.
With so many debt relief scams out there, it can be tough to know where to turn. That’s why we’ve evaluated the best credit counseling and debt consolidation companies out there so you can make an informed decision. To find out whether Consolidated Credit is the right company to help you get out of debt, read the rest of our Consolidated Credit review.
- Is Consolidated Credit legit?
- Which services does Consolidated Credit offer?
- What we like about Consolidated Credit
- What Consolidated Credit could improve
- What Consolidated Credit customers are saying
- Consolidated Credit customer service
- FAQs about Consolidated Credit
- The final word on Consolidated Credit
Is Consolidated Credit legit?
Yes. Consolidated Credit is a legitimate credit counseling company that has been around for more than 27 years. In that time, its team has helped more than 10 million people refinance credit card debt and improve their overall financial situation.
The company believes that providing education is the key to helping families achieve financial stability. That’s why it partners with more than 500 nonprofit organizations, government agencies, and municipal groups to provide financial education in underserved communities. It even works with employers to provide financial wellness benefits in the workplace.
All of Consolidated Credit’s credit counselors are certified professionals in debt management, and they work with you one-on-one, so you can be sure you’ll get the attention you need from someone who knows what they’re talking about. Its housing counseling team is also approved by the U.S. Department of Housing and Urban Development.
If you’re struggling with coronavirus-related financial difficulties, Consolidated Credit has launched a hotline you can call for help. You can get immediate support by calling 800-745-2513.
Which services does Consolidated Credit offer?
In addition to offering a corporate financial wellness program and providing financial literacy tools, Consolidated Credit offers both debt relief and housing counseling services.
Consolidated Credit can provide you with options based on your unique financial situation. Its team might suggest a debt consolidation loan or another type of credit card consolidation, such as a balance transfer. Or it might help you enroll in a debt management program. The company will work with you to determine a monthly payment that makes sense for your budget, and then negotiate with your creditors to reduce your interest rates and eliminate future penalties. It will also develop a strategy for paying down your bills as fast as possible.
Consolidated Credit provides free counseling that can help both homebuyers and homeowners make informed decisions. It helps first-time homebuyers understand the process and barriers to success, and it also provides solutions to foreclosure for homeowners as well as reverse mortgage advice for seniors. If you’re facing foreclosure, the company might suggest options such as refinancing, repayment plans, forbearance, mortgage modification, and other strategies. Consolidated Credit’s HUD-approved housing counselors will work with you one-on-one to find solutions that meet your needs.
What we like about Consolidated Credit
- Free debt analysis: Your free analysis involves a one-on-one meeting with a credit counselor to review ways you could achieve financial freedom. This can help you formulate a clear set of steps leading to a solution so you don’t feel as overwhelmed by your finances.
- Multiple options for debt relief: Consolidated Credit offers multiple debt relief options to fit many kinds of financial situations. This can make it easier to find a solution that works for you. Here are some of the available options:
- Credit card balance transfers
- Low-interest personal loan
- Debt management program
- Customer service: Certified experts are available to help with your credit counseling needs by phone or email. The Consolidated Credit website also provides a live chat feature if you’d prefer to start communicating that way.
- Accreditations: Consolidated Credit has an A+ rating with the Better Business Bureau and a 4.7/5 rating on Trustpilot with over 8,500 reviews. Every experience will be different, but these ratings and reviews may help encourage you that these services are useful.
What Consolidated Credit could improve
- Monthly fees: Debt management companies aren’t necessarily doing anything you can’t do yourself, such as setting a budget or working on other ways to pay down debt. But the expertise of credit counseling and debt management comes with a cost. Consolidated Credit states that its debt management program clients pay about $40 per month for its services.
- No guarantees: Using debt relief services from Consolidated Credit doesn’t come with guarantees. The company can give you advice and map out a plan for you, but your financial decisions are still your own to make. This means you aren’t guaranteed a better credit score or less debt than before.
What Consolidated Credit customers are saying
Consolidated Credit has an A+ rating with the Better Business Bureau. It has also received 162 five-star reviews on ConsumerAffairs and thousands of glowing reviews on Trustpilot. In fact, 1% of reviewers rated the company as poor or bad, and only 3% rated the company as average. It’s rare for a financial company to have such an absence of negative feedback from customers.
Customers have said that Consolidated Credit provides excellent service and is a company that really cares. Many reviewers mention that Consolidated Credit saved them money on their monthly payments. One customer even mentioned that the service was a great alternative to bankruptcy. The overall rating for Consolidated Credit on Trustpilot is currently 4.7/5 stars.
Consolidated Credit customer service
Consolidated Credit customer service is available by phone, email, or live chat:
- Phone: Call 1-844-325-8489 to speak with a certified credit counselor.
- Email: Email Counselor@ConsolidatedCredit.org to have an email conversation with a certified credit counselor.
- Live chat: Visit www.consolidatedcredit.org and click on the “Live Chat” button to speak with a live agent.
If you’re an existing client, call the Client Service Team at 1-877-201-7780. Here are the available hours for the Client Service Team:
- Monday through Thursday, 8:30 a.m. to 8 p.m. EST
- Friday, 9 a.m. to 5 p.m. EST
FAQs about Consolidated Credit
Does Consolidated Credit really work?
Yes. Consolidated credit has helped more than 10 million people get out of debt. It’s done this by negotiating with creditors to decrease its clients’ interest rates to between zero and 11% and reduce their total monthly payments up to 30 to 50%. Paying less each month can help you get out of debt faster — in as little as 36 months.
Does Consolidated Credit hurt your credit?
No. Consolidated Credit is a free counseling service that uses only a soft credit check to review your credit history. This doesn’t impact your credit score. If a debt management program is suggested to you as an appropriate solution, this won’t hurt your credit either, and may even positively impact your credit in the long run.
If you ultimately decide to consolidate your debt with a loan or balance transfer, the lender you choose to work with will conduct a hard credit pull, which will have a minimal negative impact on your credit. But using Consolidated Credit’s services will not hurt your credit.
Does debt consolidation close credit cards?
That depends. You may be able to complete a balance transfer or get a debt consolidation loan without closing any of your accounts. However, if you enroll in a debt management plan, your accounts will generally be closed. In exchange, your creditors will be able to offer you a lower interest rate.
How long does debt consolidation stay on your credit report?
If you settle an account for less than you owe, you’ll get a negative mark on your credit report that will stay there for seven years. Debt consolidation or a balance transfer will cause only a small dip in your credit score due to a hard inquiry, which stays on your credit report for 24 months. Enrolling in a debt management plan won’t negatively impact your credit at all.
What’s the smartest way to consolidate debt?
There’s no single best way to consolidate your debts. If you have a good credit score, you can likely get a low interest rate on a personal loan to consolidate debt or get approved for a balance transfer credit card with a 0% introductory APR. If you have bad credit and/or too much debt, it might be a good idea to talk to a credit counselor about your options.
The final word on Consolidated Credit
If you’re unsure of your best option for how to pay off debt, it’s worth seeking the help of a nonprofit credit counseling company such as Consolidated Credit. Instead of applying one-size-fits-all solutions to unique problems, the team at Consolidated Credit is dedicated to finding the right plan to meet your individual needs.
Once you’ve determined your monthly payment amount, it’ll be important to establish a budget for what’s left of your income. That’s because you don’t want to fall into the trap of borrowing more money, which can reverse your progress. Consolidated Credit has free resources you can use to help you reach your budgeting and savings goals.
There’s no need to feel ashamed or embarrassed about asking for help when you’re drowning in debt. Many Americans struggle with debt and need the advice of a professional. If you need some encouragement, consider this success story: Consolidated Credit helped one customer save more than 13 years and more than $50,000 in interest charges. Even if you think your financial situation is beyond repair, there’s likely a way out. And the team at Consolidated Credit can help you find the right path.