Consolidated Credit Review [2024]: How You Can Get Debt Relief

If your credit card debt has gotten out of control, you’re not alone. Americans owed a collective $5.28 trillion in non-housing debt in the second quarter of 2024, according to the Federal Reserve. However, if your personal debt feels like it’s drowning you, Consolidated Credit may be able to help.

I know that whether your debt totals $10,000 or $100,000, it can feel insurmountable depending on your income and other financial circumstances. Working with a reputable credit counseling service could be the solution you’re looking for.

Let’s talk about what Consolidated Credit offers and why its credit counselors may be able to help you get out of debt sooner, saving you money and time.

Is Consolidated Credit legit?

Yes. Consolidated Credit is a legitimate credit counseling company that has been around for more than 30 years. In that time, its team has helped more than 10 million people refinance credit card debt and improve their overall financial situation.

Membership in the National Foundation for Credit Counseling, or NFCC, indicates a high level of standards and ethics, which definitely makes me more inclined to trust Consolidated Credit’s work.

The company believes that providing education is the key to helping families achieve financial stability. That’s why it partners with 358 nonprofit organizations, government agencies, and municipal groups. A few causes that Consolidated Credit supports include advocating for financial equity, improving housing accessibility, and breaking the cycle of poverty.

But here’s how Consolidated Credit could serve you: its credit counselors are certified professionals in debt management. After a free consultation, they can work with you one-on-one to develop the best plan for you. Its housing counseling team is also approved by the U.S. Department of Housing and Urban Development.

Which services does Consolidated Credit offer?

Take a look at the primary services Consolidated Credit offers so you can decide whether you want to work with the company.

Debt relief

Consolidated Credit can provide you with options based on your unique financial situation. So if you’re weighed down by debt, consider jumping on a free 30-60 minute consultation with a credit counselor.

What I love about this is that Consolidated Credit has qualified counselors who can advise you on all of your options. Unlike a debt settlement company that pretty much just conducts debt settlement, credit counseling can show you options including:

• Debt management plans
• Debt consolidation
• Debt settlement
• Bankruptcy

It’s probably fairly obvious that bankruptcy is usually a last resort. But your credit counselor at Consolidated Credit can help you evaluate the options and compare factors, for example, debt management vs. debt settlement and the benefits and downsides of each.

The goal is going to be for you to get out of debt more quickly. Here’s what a debt management plan (DMP) might do for you, according to Consolidated Credit:

• It could reduce payments by up to 30%-50%
• Drop interest to 0-11%
• Get you to full payoff within 36-60 months (3-5 years)

Essentially, Consolidated Credit talks to your creditors, such as credit card companies, to try and negotiate the terms of your debts. They’ll aim to get them to reduce interest rates, stop adding on penalties, and accept payments through the DMP.

Here’s what popped up on Consolidated Credit’s website when I inputted a debt of $15,000. This is obviously a hypothetical situation, but it gives you an idea of the possibilities:

As you can see, this potential DMP would save you a lot of money and time. The company suggests it might be able to reduce your monthly payment from $450 to $314 and the time from more than 28 years down to just five years.

Housing counseling

It’s no secret that buying a house is stressful, not to mention expensive. Consolidated Credit provides free counseling that can help you make informed decisions when buying a home. It offers a free first-time homebuyer education course that, once completed, qualifies you for HUD assistance with your down payment and closing costs.

Using Consolidated Credit’s online and in-person resources can help you better understand the process of buying a home as well as options to avoid foreclosure, such as refinancing or forbearance.

Buying a house is a big undertaking, so getting guidance from an expert is a great idea.

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 to get out of credit card debt. You don’t need to pay a cent for expert guidance in finding the best solution for you.
• Multiple options for debt relief: Consolidated Credit offers multiple debt relief options to fit many kinds of financial situations. 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 communicate that way.
• Accreditations: Consolidated Credit has an A+ rating with the Better Business Bureau and a 4.7/5 rating on Trustpilot. It’s also a member of the NFCC, which vets its member organizations based on quality services and high standards.

What Consolidated Credit could improve

• Monthly fees: Debt management companies handle tasks many of us dread, such as calling creditors to negotiate. 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 (capped at $79 per month).
• 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 4.9 stars out of 5 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. I don’t know about you, but when I check customer ratings for a product or service, those are numbers I love to see.

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 1-844-285-9318 to speak with a certified credit counselor. For housing counselors, call 1-800-435-2261.
• Email: Email Counselor@ConsolidatedCredit.org to have an email conversation with a certified credit counselor. (Use HousingCounseling@ConsolidatedCredit.org for housing counseling assistance.
• 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 8 p.m. EST

Alternatives to Consolidated Credit

Speaking to a credit counselor can be a great first step to debt freedom and financial stability, but you don’t necessarily have to go through Consolidated Credit. It’s never a bad idea to shop around when your finances are involved, so these are a couple of the best credit counseling companies to consider.

Cambridge Credit Counseling

Like Consolidated Credit, Cambridge Credit Counseling offers free credit counseling to help you plot a course of action, debt management plans that can reduce your debt and interest payments, and HUD-approved housing counseling. Cambridge Credit Counseling also has counseling programs tailored to student loans, reverse mortgages, and bankruptcy.

GreenPath Financial Wellness

With GreenPath Financial Wellness, you’ll have access to many of the same features as with Consolidated Credit: credit counseling (for free), student loan counseling, housing counseling, and debt management plans. It’s ranked highly by the Better Business Bureau, with an A+ rating and 4.72 out of 5 stars.

FAQs

Bottom line

It can be tough figuring out how to pay off debt, and for many, 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.

Consolidated Credit has plenty of free resources you can use to help you reach your budgeting and savings goals. That said, I’d check out a few of these programs and also consider whether you could DIY your debt repayment. But if your debt is simply overwhelming, working with pros can help give you confidence and focus to achieve debt freedom.