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In terms of providing a valuable service to consumers who are troubled by debt, Debtwave Credit Counseling makes the number 5 spot because it is a non-profit debt consolidation and counseling service. Unlike some of the free debt consolidation programs we’ve investigated, Debtwave does charge a small fee, but these fees help make a substantial effort at educating the public about dealing with debt effectively and how to prevent credit issues. Their primary focus seems on empowering consumers to take charge of their finances to prevent credit problems in the first place, but they also offer in-depth financial and debt management plans for those plagued with ongoing credit and repayment issues.
Debtwave Credit Counseling has received top ratings from the Better Business Bureau, and independent reviewing websites. In addition, Debtwave is a member of the Association of Credit Counseling Professionals, Center for Financial Certifications®, and is ISO Certified. They are actively involved in financial education programs through community outreach geared for young people. For these reasons, we believe that the Debtwave takes a very proactive approach to helping consumers at all levels with their credit and debt problems. Also, there are some nice financial calculators and quizzes that help consumers think more about their credit picture and how to avoid overpaying on debts.
The best features about Debtwave Credit Counseling include the many types of debt and financial management resources and plans available to consumers. This is not a one-size-fits-all approach often seen with credit counseling and debt consolidation services online. Each individual’s credit and debt picture is established and then the trained credit counselors come up with a workable plan to help reduce debts, lower payments and restore credit over time. Creditwave works diligently to educate the public about their rights and responsibilities in terms of credit and collections activity, which was impressive by their list of resources.
The one thing that really stuck out to us as a positive aspect of Creditwave’s services was that there are no temptations presented to sign up for more debt, such as the credit card products often found on other debt consolidation services we’ve reviewed. In addition, no pressure is put on consumers to sign up for paid identity theft protection plans or credit monitoring services. However, we do think that Creditwave would benefit from adding resources for consumers on how to reestablish healthy forms of credit after going through their counseling or educational programs. If they do, it is not apparent on the website or information initially presented at the time of this review.
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