If paying your bills has become a monthly juggling act or you’re thinking about declaring bankruptcy, consider debt settlement. Our partners at ConsumerAffairs researched companies offering the best debt consolidation in Detroit to give you options for personal debt relief.
The Federal Trade Commission reports consumer debt is at an all-time high, but when it comes to per capita personal debt, Detroiters have less than the average American.
Median household income
Average credit card debt
Debt consolidation rolls multiple unsecured debts into one, replacing multiple monthly payments into one manageable payment. Other types of unsecured debt include student loans, medical bills and utility bills. It’s ideal for people who have good credit scores and multiple high-interest debts that could be simplified with one lower-interest monthly payment.
There are two ways to consolidate debt:
Transfer existing debt to a zero percent interest credit card. Be sure you can pay off the balance of your debt within the promotional period of zero percent interest.
Take out a debt consolidation loan through a debt consolidation company.
Is a debt consolidation loan right for you?
Debt consolidation replaces multiple monthly bills with one lower-interest monthly payment, making it easier to pay off your debt faster. This avoids damage to your credit score, but it’s not all roses and sunshine.
If you fail to meet the terms of your payoff plan, you will face a lot of penalties. The risk of penalties comes from both the loan lender and from the original lines of credit if during the process of consolidation they agreed to reduce or remove fines or fees.
It’s important to remember that debt consolidation isn’t right for everyone. Debt consolidation shouldn’t be confused with filing for bankruptcy relief. Debt consolidation works best for people who have consistent income, a credit score good enough to qualify for a low-interest loan and whose total debt doesn’t exceed 50 percent of their income.
If you’re like the millions of Americans who struggle with too many monthly bills, debt consolidation companies in Detroit might have the right solution.
National Debt Relief is a trusted name in credit card debt settlement. With a source of income, you can quickly qualify and pay no upfront fees until your debt is settled. National Debt Relief can reduce debt up to 49 percent through transparent, helpful customer service, which earns them excellent reviews
For debt relief solutions, CreditAssociates works to settle debt in 24 to 36 months. Good credit is not required and customers get a free, no obligation consultation by speaking to trained advisors who are experts in negotiating down debt. Customer reviews speak highly of agents for being professional, helpful and communicative.
Accredited Debt Relief uses proven negotiators to work with top debt relief companies across the country, helping customers settle their debts for less than what they owe. The company is an accredited member of the American Fair Credit Council and gives back to community charities monthly. Customers often give Accredited Debt Relief five star reviews, noting their professional, personalized service.
The goal of Freedom Debt Relief is to resolve your debt for much less than you owe, as quickly as possible. The process starts with a personal phone call with a certified debt consultant who reviews your options, then can set up a customized plan with payments you are comfortable with. Clients can then view their progress 24/7 through the online dashboard.
With certified debt counselors to guide your debt settlement every step of the way, Pacific Debt charges no upfront fees until you get results. The company has helped settle more than $200 million in debt for clients. Reviews speak highly of having access to a personal account manager who can help set up an affordable payment plan.
Debt Rx is an experienced debt settlement company. They work with people having $7,500 or more in credit card debt. The company prides itself on being smaller than its competitors to better focus on personal service to find individual solutions for debt relief. For those behind on payments, Debt Rx may be the right prescription to ease the pain of being in debt.
CountryWide Debt Relief
At CountryWide Debt Relief, approval of a debt consolidation option is guaranteed and you can see what you qualify for in a matter of minutes. A variety of plans try to get customers debt-free in just a year or two. Case studies on their website show how debt consolidation plans have worked for others.
Advantage One Credit Union
Advantage One Credit Union has been a staple of the Downriver area since the 1950s. They are known for friendly and helpful credit union employees and customer service agents. However, one of the biggest perks is their commitment to helping customers improve their credit scores.