Debt Consolidation Care Review: Is It Legit?

Given the diverse opinions and limited information available, it’s essential to examine the pros and cons of Debt Consolidation Care. In this review, we’ll explore the features, services, and overall reputation of Debt Consolidation Care as a debt settlement company, providing you with the necessary information to make an informed decision.

Debt Consolidation Care is an online platform aimed at offering guidance and support to individuals seeking debt relief and financial independence.

However, upon visiting the Debt Consolidation Care website, one may notice its outdated appearance and an old copyright date. This raises initial doubts about the company’s current effectiveness and status. Although the service is still operational and offers financial assistance, understanding how it works by navigating the website can be challenging.

On the one hand, the website boasts offering free debt counseling and support through their acclaimed “internet’s first get-out-of-debt community,” claiming to have helped over 470,000 community members overcome their debts. However, the limited customer testimonials are concerning, as only 12 testimonials are displayed on the site out of nearly half a million members. This lack of feedback leaves potential customers wondering about the true impact and effectiveness of Debt Consolidation Care’s services.

Understanding Debt Consolidation Care

Debt Consolidation Care is an online “get out of debt” community with over 545,503 members. Established in 2004 by Vikas Kedia, the company is owned by InterNet Technologies Inc. Based in Nevada, Debt Consolidation Care aims to help individuals overcome their debt burdens and achieve financial freedom. The company not only focuses on providing debt solutions but also emphasizes educating and guiding customers with money management tips.

Debt Consolidation Care offers a range of resources to assist individuals in their debt consolidation journey. These resources include debt calculators, educational articles, financial coaches, and IAPDA-certified (International Association of Professional Debt Arbitrators) counselors. Additionally, customers can take advantage of a free debt consultation to assess their financial situation and explore potential debt repayment strategies for their credit card debt.

Benefits of Debt Consolidation Care

Debt Consolidation Care provides several benefits that make it an attractive option for those seeking debt consolidation assistance.

Consolidation Help

One of the key advantages of Debt Consolidation Care is the array of consolidation options it offers. The company provides information on debt consolidation programs, debt consolidation loans, credit card consolidation, debt relief services, debt settlement, and payday loan consolidation. By utilizing debt consolidation, individuals can consolidate multiple bills into a single monthly payment with a potentially reduced interest rate.

The website provides comprehensive information on how to apply for these programs, what to do before applying, and the specifics of each consolidation option. Debt Consolidation Care claims to help customers lower their monthly payments and interest rates on their unsecured debts, waive late fees, and reduce the number of collection calls.

Furthermore, Debt Consolidation Care also provides information on a do-it-yourself consolidation program, which helps consolidate multiple credit card bills. This feature offers flexibility and empowers individuals to take control of their debt consolidation journey.

Debt Consolidation Care: Steps To Follow

To ensure a smooth debt consolidation process, Debt Consolidation Care outlines a series of steps that customers can expect to follow:

Free Counseling: In this initial step, Debt Consolidation Care reaches out to customers via phone to discuss their current financial situation. A counselor reviews the case and determines the best consolidation and debt repayment plan.

Introductory Session: A financial coach assists customers in setting up a client portal, listing out all their creditors, debts, and interest rates. The coach also helps customers prepare a monthly budget plan. At this stage, customers are assigned a Client Relationship Manager who will guide them throughout the process.

Debt Resolution: In this phase, the Relationship Manager negotiates with the customer’s creditors to reduce the interest rate. They also work to prevent collection harassment.

These steps aim to provide customers with a structured approach to debt consolidation, ensuring they receive personalized support and guidance throughout their journey.

Educational Resources

Debt Consolidation Care places a strong emphasis on educating customers about debt management and consolidation. In addition to free counseling with certified counselors over the phone, the company offers a wealth of educational resources through articles, an online dashboard, financial infographics, consolidation calculators, forums, and videos. These resources empower individuals with the knowledge needed to make informed decisions about their financial situation and debt consolidation options.

Disadvantages

While Debt Consolidation Care has its positive aspects, there are some drawbacks and areas of concern to be aware of.

Eligibility Requirements

To be eligible for Debt Consolidation Care’s debt consolidation program, individuals must meet certain criteria. These requirements include having a good credit score, a source of monthly income, and not having excessively low existing dues. Meeting these criteria may limit the availability of the program for some individuals.

Fee Information

A major drawback is the lack of clarity regarding fees. While Debt Consolidation Care states that debt counseling services are free, the website does not offer detailed information about other potential costs, such as monthly fees, cancellation fees, or late fees. Additionally, the company does not specify if its consolidation services include any satisfaction guarantee. The absence of transparent fee information raises questions about the overall expense of using Debt Consolidation Care’s services.

Limited Accreditations

Though Debt Consolidation Care holds IAPDA accreditation, the company does not disclose information about whether its consolidation services fully comply with Federal Trade Commission (FTC) regulations. Moreover, Debt Consolidation Care does not mention any accreditations with reputable organizations like the International Organization for Standardization (ISO), the Financial Counseling Association of America (FCAA), or the American Fair Credit Council (AFCC). The lack of additional accreditations may lead to concerns about the company’s credibility and adherence to industry standards.

Minimal External Feedback

Despite being in operation since 2004, Debt Consolidation Care has very few external feedback or reviews from customers in trustworthy publications. While the company’s website features a section dedicated to customer testimonials, the presentation is unclear and confusing. The scarcity of independent customer reviews makes it challenging for potential clients to evaluate the effectiveness and reliability of Debt Consolidation Care’s services.

Inefficient Live Chat Feature

Debt Consolidation Care offers a live chat feature for customers seeking immediate answers to their questions. However, this feature is reportedly problematic and often malfunctions. A malfunctioning live chat feature can be frustrating for users who need timely assistance and support.

BBB Rating

Debt Consolidation Care currently holds an A+ rating and has been accredited by the Better Business Bureau (BBB) since 2008. While this may initially seem like a positive indication of the company’s trustworthiness, it is important to note the lack of customer reviews and complaints on the BBB platform. The absence of feedback and testimonials from customers raises doubts about the transparency and overall satisfaction with Debt Consolidation Care’s services. Without the ability to assess past clients’ experiences and opinions, potential customers are left in the dark, making it difficult to determine the company’s true effectiveness and credibility.

FAQs

Is Debt Consolidation Care a Scam? Can I Trust Their Services?

Debt Consolidation Care is a company that has been operating for several years, providing debt consolidation services to individuals. While there are some positive reviews and testimonials, it’s essential to note that there are also mixed opinions about the effectiveness of their services.

Some individuals have reported successful outcomes and improved financial situations, while others have expressed dissatisfaction with the results or encountered challenges during the debt consolidation process. Before choosing Debt Consolidation Care or any other debt consolidation service, it is advisable to research and consider multiple options, read customer reviews, and consult with financial professionals to make an informed decision based on your specific needs and save money.

Will Debt Consolidation Care Negatively Affect My Credit Score?

Debt Consolidation Care’s debt consolidation program may have both positive and negative effects on your credit score. On one hand, consolidating multiple debts into a single payment and making consistent, timely payments can demonstrate responsible financial behavior and potentially improve your credit score over time.

On the other hand, during the initial stages of the program, your credit score may temporarily decrease due to the closure of individual accounts and changes in your credit utilization ratio. It is important to weigh the potential short-term impact on your credit against the long-term benefits of debt consolidation and decide if it aligns with your financial goals.

Can Debt Consolidation Care Help Me Avoid Bankruptcy?

Debt Consolidation Care offers a debt consolidation program as an alternative to bankruptcy for managing and repaying debts. While it may be a viable solution for some individuals, it is important to recognize that debt consolidation is not a guaranteed method to avoid bankruptcy.

The effectiveness of debt consolidation depends on various factors, including the individual’s financial situation, the debt amount, and creditor cooperation. It is advisable to consult with a bankruptcy attorney or financial advisor to explore all available options and determine the best course of action based on your specific circumstances.

How Does Debt Consolidation Care Handle Communication with Creditors?

Debt Consolidation Care assigns a Relationship Manager to handle communication with creditors on behalf of clients. While they strive to establish effective communication channels and negotiate with creditors, the outcome can vary depending on the willingness of the creditors to cooperate.

Some creditors may be more receptive to negotiation and offer favorable terms, while others may be less willing to make concessions. It is important to have realistic expectations regarding the negotiation process and understand that the final outcome depends on various factors outside of Debt Consolidation Care’s control.

Final Thoughts

Debt Consolidation Care introduces itself as an online platform that offers debt consolidation support and resources. Although the company delivers valuable consolidation options, educational materials, and a structured debt consolidation process, there are notable concerns about the absence of transparency in fees, limited accreditations, scarce external feedback, and a faulty live chat feature.

It is vital for individuals seeking debt consolidation services to perform comprehensive research, compare different options, and consider reputable companies with a proven track record. While Debt Consolidation Care might be a suitable option for some, exploring other well-established and highly regarded debt consolidation providers could result in a more seamless and dependable experience.

Keep in mind that getting out of debt requires thoughtful decision-making, financial discipline, and the help of a reliable partner. It is recommended to consult with financial professionals, explore various options, and make an informed decision based on your unique circumstances.