Who Is Debt.com For?
This Debt.com review aims to give people a better idea on what to expect from this website and provide tips on how best to approach it.
Simply put, Debt.com is an online marketplace that helps individuals struggling with debt find a company and a debt relief method to help them rebalance their finances.
The website is a comprehensive platform offering a wide array of different options and alternatives to resolve your debt issues.
All you have to do is click on the option that best describes the nature of your problem (like student loan debt). After that, you can start learning more about the routes you can take.
Credit card debts on Debt.com will take you on a similar journey — no matter which choice you make, you will be able to see every possible relief method and option; you can even compare different solutions.
All in all, Debt.com is your one-stop-shop for all credit and debt issues.
So, if you are looking for ways to fix your credit score stats, meet monthly installments on your debts, or simply want to improve your debt management skills, this platform has the experts, the tools, and the resources to do so.
A Review of Debt.com: Live a Debt-Free Life Now
Debt.com, founded by financial experts, has been helping consumers get out of debt since 2006.
More precisely, the platform itself does not provide these services, per se. It serves more as a platform for BBB-accredited debt-relief companies that help consumers navigating through a wide variety of financial situations (usually centered around debt), like filing for bankruptcy, credit card debt, credit monitoring, student loan debt, tax debt, credit repair, identity theft, loans, and more.
The platform also provides several tools, comprehensive info pages, money tips, podcasts, and no-obligatory free consultations to help you compare your best-suited solutions for your financial problem/situation.
Debt.com LLC is one of the oldest financial platforms of this kind on the internet, and as such, it has garnered the praise of many financial experts; most of which state that Debt.com is one of the best platforms out there when it comes to making an informed decision regarding debt relief.
The Application Process
What’s the credit score needed for Debt.com? Am I eligible for debt management? Is consolidation an option? These are all legit questions you should ask yourself before giving Debt.com a visit.
In this section, we will break down everything you need to know about a debt relief program and how to look for one.
First, visit their website, and click on one of the given options.
If you click on “credit card debt,” you will be asked to give the following requirements:
- Amount of debt
- Status of payments
- Zip Code
After giving your Zip code, the platform will search for options and ask for your personal info (name, email, and phone number) to set you up with a specialist.
If you are less straightforward, some Debt.com tooltips might help you get closer to resolving your issue.
Debt.com Key Features
In this section, we will go over all the key features the platform has to offer, so you have a better idea of what to expect.
Rates and Fees
Seeing how Debt.com operates as a marketplace of sorts, it does not determine debt relief methods; nor does it determine relief rates and fees. Just as other Debt.com LLC reviews may have pointed out, debt management/settlement companies are those who regulate the terms of your debt relief deal.
As such, do your research, learn the pros and cons of each relief method carefully, compare the different options the website offers you, and don’t shy away from asking for some professional help from Debt.com.
Lastly, if you get into contact with a debt relief company, know that Debt.com is BBB accredited (or at least the companies it works with are). In other words, you don’t have to worry about getting scammed.
Debt Repayment Terms
As previously mentioned, the debt relief companies are in charge of regulating the terms of your debt management/settlement. As such, they will regulate the frequency of repayment installments (in the case of settlement), whereas in the case of management, the debt relief company and your creditors will agree on the frequency and the number of installments you will have to pay.
In the case of consolidation, lenders might also have their own fees and other requirements.
Most Debt.com complaints stem from this very problem. More precisely, from the fact that there’s not much transparency when it comes to partnering companies, and little info about their fees and rates.
This is the part where Debt.com really shines. It’s enough to surf through a few Trustpilot reviews to see that the platform means business when it comes to customer care. Reviewers mention that the professionals are helpful, courteous, and explain everything from A to Z.
Still, there are some users that mentioned that they weren’t given enough time to weigh all their options and were forced to make a fast decision.
Apart from consumer Debt help reviews, professional reviews also speak highly about the platform’s no-obligation, 100% free consultation which can help users a great deal comparing different companies and listing out all the pros and cons of each debt relief option.
Moreover, you can reach out to the platform via phone, or by filling out an online letter form. Sadly, there’s no live chat option.
In addition, college students can apply for a Debt.com scholarship, to encourage them to apply for as many scholarships as they can to get “free money” as they’ve put it in one of their blogs.
Most Debt.com reviews will also point out that even though the platform isn’t selling your info, it still shares your email with other companies, which can result in a myriad of unwanted emails with different offers, even long after you’ve been declared debt-free.
This can be a bothersome experience, however, by unsubscribing from each list, you can make sure that you don’t receive any spam mail from the companies anymore.
Apart from the free consultations and the exceptional customer support stats, we should also talk about the comprehensive FAQs section and the entire website which can be interpreted as one big Debt.com blog.
Just click on one of the options below the header on the homepage and you will find an endless repository of information, all related to the nature of your issue.
Struggling with credit card debt? Or perhaps you just want to learn more about your options or debt in general? Learn about credit cards, debt relief programs, check out the latest US debt statistics, and other topics, such as credit card interests, credit card delinquency, and much more.
Is Debt.com legit? Is it an actual solution? Hopefully, you managed to get answers to these questions while reading this Debt.com review.
But just for the sake of reiterating, it’s a great place for educating yourself on the many benefits of debt relief before making an informed decision. In addition, it lays out all the essentials you need to know to start managing your debt.
Secondly, the exceptional customer support and the free consultations make the entire process more reassuring and can provide valuable insight if you feel stuck or overwhelmed.
On the downside, the transparency of the company is somewhat limited, so you don’t know a whole lot about your potential debt relief company until you actually get in direct contact with one. This can be a costly endeavor, even in the case of BBB-accredited partners.
Pros & Cons
- Accredited online service provide (A+ BBB accreditation)
- A comprehensive platform to get started with debt relief
- Free initial debt consultation that won’t harm your credit
- Lots of useful resources to learn more about better debt management
- An abundance of Debt.com reviews for newcomers to know what to expect
- Lack of transparency regarding companies Debt.com works with
- No live chat software on the main page
- Customer support could use some room for improvement
How do I know if a debt settlement company is legitimate?
Navigating through the world of debt settlement can be harsh and risky. These programs are often offered by for-profit companies who will negotiate with your creditors to “settle” your debt, i.e., to pay less than what you would have (lump sum). You will be asked to pay off the sum in monthly savings, transferring the money into an escrow-like account, instead of paying directly to creditors.
That being said, debt settlement has its own risks even though these companies may help you reach a settlement.
Is Debt.com safe?
Seeing how they work only with BBB-accredited companies it’s safe to say — yes.
However, the process of debt settlement isn’t. Many of these companies will require you to deposit your money in a special savings account for three years before all your debts are settled. This alone poses problems for some as they fail to make these payments and drop out of the program.
Creditors might also refuse to negotiate with your debt settlement company, even if you do start to set aside money. Companies will also work tactically by settling smaller debts first while fees and interest grow on the larger ones.
Lastly, debt settlement programs can also damage your credit report.
Does a debt relief program ruin your credit?
Yes and not. Depending on the method you choose, a debt relief program can be either good or bad for your credit.
For instance, debt management can be an option that won’t hurt your credit score since you are working with a counselor helping you create a debt repayment plan with your creditors. If you manage to stick to it, your credit will be okay.
Debt settlement can be more dangerous to your credit as you will often discontinue payment to your creditors while the settlement company reaches a settlement with them. If you miss the payments, your score may take a hit.
If you’ve read some “settle my debt now reviews” lately, you know that you need to be cautious when using debt settlement as a way of making your finances less taxed. Check whether the company you’re working with had any complaints filed against it.
Also, look into what could happen to your credit history if you start missing payments and the fees and interest rates that may come with the settlement.
Are debt relief companies a good idea?
More often than not, credit counselors will advise you either to opt for a debt management plan or to consolidate your debt. The latter may result in a hard inquiry on your credit score, but that impact is rather short-lived and minuscule.
On the other hand, experts often agree that debt settlement should be your last resort as it is the riskiest option.
How much does debt relief hurt your credit?
Different methods of debt relief will have different effects on your credit score.
That being said, debt management would be your best option, as it won’t hurt your credit score if you manage to meet all your payments on your rearranged repayment.
Debt consolidation can damage your credit. If you consolidate your debt with a new loan, the lender might perform a hard pull on your credit which may have a slight temporary impact.
From reading this and other Debt.com reviews, you probably know that debt settlement programs can damage your score should you discontinue paying to your creditors while the settlement company negotiates with them.
Lastly, declaring bankruptcy is your worst option as it will severely damage your credit score and will make obtaining new credit extremely difficult.