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Compare Debt Relief Options in May 2024

Find Your Customized Debt Relief Options

Top Recommended
Best For Debt settlement over $15,000

JG Wentworth

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A debt-free life is possible! JG Wentworth can help you lower your total debt and pay off your unsecured debt faster. Contact us today to find out how.
  • Free Consultation
  • Make one affordable monthly program payment
  • 30+ Years experience in financial services
Top Recommended

Freedom Debt Relief

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Debt relief is an opportunity to put your credit card debt behind you without paying the full amount owed. Our debt experts negotiate with your creditors to get them to agree to settle for less than the full amount you owe, so you can resolve your debt for less and in less time than other debt solutions. As a debt relief company that has been helping people for over 15 years, we know how to create a custom debt relief program that gets you the best possible results.
  • We create a custom plan to get you out of debt
  • After enough funds build up in your account, we negotiate with your creditors to settle your debts for significantly less than you owe
  • Our expert negotiators work hard to get you the best savings possible
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  • After the full settlement amount is paid on each account, you no longer owe your creditors. Your credit card debt is behind you!
  • Over $10 billion in debt resolved
  • No upfront costs or hidden fees
  • Free consultation
  • 650,000+ clients enrolled
  • Certified debt consultants
Top Recommended

Accredited Debt Relief

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Accredited Debt Relief helps individuals across the U.S. by creating personalized debt relief programs that work. Our service is a form of debt consolidation without a loan. Our customized plans aim to help you reduce what you owe, avoid filing for bankruptcy, and finally overcome overwhelming debt.
  • Free consultation
  • Free savings estimate
  • Get out of debt without bankruptcy
Top Recommended

Turbo Debt

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TURBODEBT offers debt relief info in order to help you take control of your finances and work towards a debt-free life. We help you with debt recovery in implementing effective strategies and low cost solutions to alleviate debt. One size fits all rarely applies to unsecured debt and we recognize the need for clients to have choices in managing debt. TURBODEBT connects clients to debt relief programs that fit their unique needs.
  • 100% FREE initial Consultation
  • Free savings estimate with no obligation
  • You could settle your debt in as little as 24-48 months

Other Debt Consolidation Options

Top Recommended

Est. APR: 5.40% - 35.99% APR

Loan Amount: $600 to $100,000


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Whether you want to consolidate debt or cover an emergency expense, Credible makes it easy to find a personal loan that works best for you.
  • Personal loans from top lenders. All in one place.
  • Using Credible to check prequalified rates is 100% free
  • Checking rates has no impact to your credit score
Top Recommended

Next Day Personal Loans

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Our nation-wide marketplace of lenders and/or lending partners are available & ready to qualify eligible individuals.
  • Get funds as soon as the next business day
  • Loans from $100 - $40,000
  • This service is FREE and will NOT affect your credit score

What are Debt Relief Programs and How Do They Work?

Research shows that consumers hold a collective $14 trillion in debt. Are you included in that statistic?  If so, it’s easy to become overwhelmed by your obligations. Many different kinds of debt can threaten your financial stability, from credit cards to student loans. Yet, although the burden can feel crushing, there is a way out.

Debt relief programs were created to help you pay back your creditors in a quicker and more manageable way. This might mean securing a lower interest rate, breaking up your total into smaller payments, or adjusting your terms and timelines to fit your current situation better.

Today, we’re going to look at how these programs work and how to choose the right company as you move forward. 

What Is Debt Relief?

In short, debt relief helps you navigate, reduce, and hopefully eliminate your total debt obligations. 

Debt relief programs can go by a few different names. These include:

  • Debt negotiation
  • Debt settlement
  • Debt resolution

Each company that you research will have its way of helping you find relief from your debt burden. Yet, they all share the same overarching aim. These programs are designed to reduce the amount you owe and help you pay it back under better terms. 

Minimum Debt Requirements

Usually, these programs are reserved for those juggling large amounts of debt, such as those incurred with federal student loans. Many debt relief companies will have a minimum debt threshold to ensure that you’re a qualified candidate before moving forward with your application. 

This is because creditors looking to collect on a large sum of money are more likely to settle with a debt relief company. They know that if you’re already struggling to cover your minimum monthly payment, it could be months or even years before the entire obligation is resolved in full.

As such, settling is more beneficial to them than waiting and hoping you won’t default. This way, they can be assured that they’ll at least receive back a portion of the amount they credited you in the first place. 

On the other hand, if your debt is minimal, those creditors know that you can realistically pay it off quickly. As such, they’re often less willing to reach an agreement to lower the amount just for convenience. 

Secured Versus Unsecured Loans

Another caveat that most debt relief programs include? These are usually allocated for unsecured loans only. These are loans that do not include collateral. That means that your mortgage will not qualify, as your home secures it. The same applies to your auto loan, which is secured by your vehicle.

On the other hand, most kinds of unsecured loans are accepted. These include, but are not limited to:

  • Medical debt
  • Credit card debt
  • Personal loans

Certain programs will offer assistance in this regard if you’re looking for an easier way to pay back your private student loans.

How Does Debt Relief Work?

First, you’ll do your research to identify the top debt relief companies that meet your need. Once you reach out to one of their certified debt consultants, they’ll review your situation and determine if their program is the right fit for your needs. 

If the answer is affirmative and you agree to their terms, you can get started almost immediately. The company will contact all of your creditors on your behalf to negotiate better rates and lower, more manageable payments. In the meantime, you will cease making payments to those creditors. 

Instead, you’ll open up an individual, dedicated account with your debt relief company, and start putting money aside to save for future payments. If the creditors agree to the proposed terms, the company you team with will begin paying them back each month using the money that you saved.

Do Debt Relief Programs Work?

Debt relief programs can work, as long as you partner with the right company. While there are many valid providers in this space, there are, unfortunately, some scammers looking to capitalize on an already-vulnerable population. The following actions are some of the telltale signs that you might be communicating with a scam company:

  • Charging fees before settling your debt
  • Being vague or suspicious about their pricing structure
  • Requiring full control over your debt settlement account
  • Guaranteeing full debt settlement before contacting your creditors
  • Guaranteeing to cease all debt collection calls fully
  • Marketing their approach as a “government program”
  • Requiring that you cut off all communication with your creditors

The company you choose should be able to answer any question you have with full honesty and transparency. You should be able to inquire about pricing, terms, and other conditions without receiving a vague answer that makes you uncomfortable. Remember: Your money is on the line, and it’s worth the time it takes to do your due diligence.

Save Money And Find Debt Relief Today

When you’re overwhelmed by debt, it can seem like there’s no way out. However, there are resources designed to help you reduce and eliminate the cloud hanging over your head.

Debt relief companies can be the light at the end of the tunnel, but it’s essential to do some research and only choose one that’s proven to be reliable and trustworthy. Are you looking for more financial advice as you navigate these new waters? We’d love to help.

Feel free to browse our expert guides on a variety of topics, from insurance to credit cards. We’ll help you learn to save money, invest for the future, and eliminate any obstacles that are holding you back from financial freedom. 


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