Which Debt Settlement Companies Have the Best Ratings?

When overwhelmed financially, many consumers look for ways to better manage and pay off their debt obligations. Choosing to go with a credit counseling and debt settlement company may not be easy, as many companies exist that do little to help consumers. When searching for a company, consumers should consider one that is not for profit and that has accreditation and a positive ranking from the Better Business Bureau.

Family Credit Management

Family Credit Management is a nonprofit, faith-based debt counseling organization that focuses on helping consumers get out of debt. The company was established in 1999 and, as of October 2010, maintains an A+ rating with the Better Business Bureau. Consumers work with certified credit counselors to establish a debt repayment program that will work within a monthly budget. The credit counselors will then work with lenders to lower interest rates and waive late fees in order to create a repayment program to get the borrower out of debt. Consumers will make one monthly payment to Family Credit Management which is then divided up among creditors. Customers will receive a monthly statement on the 28th of each month detailing the payments made to each lender. Fees for using the Family Credit Management services are based on a sliding scale and are available upon request.

InCharge Debt Solutions

InCharge Debt Solutions was established in 2002 as a nonprofit organization that offers professional credit counseling and debt management services. As of October 2010, the company has maintained an A+ rating with the Better Business Bureau. InCharge offers debt management services as well as assistance for consumers who are behind in mortgage payments or considering bankruptcy. Consumers will work with a credit counselor who examines income, expenses, assets and debt repayment obligations to create a program that best fits their needs. The counselor will then work with lenders to waive late and over-the-limit fees, lower interest rates and obtain lower monthly payments. Customers will then make one payment to InCharge, who then distributes among creditors. The company will also work with customers to establish budgets that will allow for savings and better management of cash flow.

CareOne Debt Relief Services

CareOne Debt Relief Services is a nonprofit organization that was established in 2004. Since its launch, the company has assisted over four million consumers and maintains a rating of A+ with the Better Business Bureau, as of October 2010. The programs offered by CareOne are designed to help consumers pay off debt in three to five years through one monthly payment. Consumers will work with their own credit counselor to determine a manageable monthly budget and payment arrangement. The counselor will then work with lenders to establish lower interest rates and minimum payments along with waiving fees to decrease the debt owed. CareOne will also assist customers with money management skills to help them stay out of debt.