2017 RANKING & REVIEWS
TOP RANKING BEST CREDIT CARD DEBT CONSOLIDATION COMPANIES
Introduction: Top 6 Credit Card Consolidation Companies
Getting into debt problems is fairly easy to do in today’s world. Chances are that you receive several credit card offers every week. If you have an old student loan that seems like it will never be paid off on top of a high interest car payment and several credit card balances, paying off those debts is no small feat.
Learning how to consolidate credit cards into one payment is an easy way to make your debt more manageable.
Discovering the best way to consolidate credit cards, however, requires that you do your research. Not all credit card consolidation companies offer the same terms and conditions.
Though finding ways to consolidate your credit cards into one payment may make it easier to manage your debt, you also want to make sure that when you consolidate credit card debt that you don’t get stuck with a higher interest rate or penalizing fees.
Award Emblem: Top 6 Best Credit Card Debt Consolidation Companies
In this brief article on credit card consolidation, AdvisoryHQ will explore the importance of credit card debt relief and review the top companies offering credit card debt consolidation.
We will begin by explaining how you can reduce credit card debt through the help of the top credit card consolidation companies. We then offer a comparative table that looks at the top features of six of the best credit card debt consolidation companies currently on the market.
In our FAQ section, we explore who can benefit from a credit card debt settlement to reduce credit card debt. We also will look at what features to look for in companies that offer credit card debt help and credit card debt settlement. Finally, we offer a complete review of the top six companies offering credit card debt consolidation.
How Can Credit Card Debt Consolidation Companies Help You Get Debt-Free?
When you are mired in debt and have fallen behind on one of the many credit card bills that show up in your mailbox every month, taking out yet another loan may not seem like such a great idea.
However, making the decision to consolidate credit cards may actually help you regain control over your debt burden.
Credit card consolidation basically means that you are taking out a new and bigger loan to pay off several smaller loans that you have. This can help you with your credit card payoff as you only have to worry about one bill per month instead of trying to manage several.
Furthermore, deciding to consolidate credit cards as a way to get credit card debt help usually allows you to get a lower monthly payment than the combined payments on your previous credit card bills. Your loan term may be longer, but the lower monthly payment is often a necessity for people in urgent need of credit card debt relief.
Lastly, if you have a halfway decent credit score, deciding to consolidate credit card debt may very well get you a better interest rate.
Many credit cards come with high interest rates, and if you have fallen behind on payments, your late fee APR may be near 30%. Credit card debt consolidation should be able to help you find a lower rate to help you save money as you begin your credit card payoff.
AdvisoryHQ’s List of the Top 6 Credit Card Debt Consolidation Companies
List is sorted alphabetically (click any of the credit card names below to go directly to the detailed review section for that credit card):
Top 6 Best Credit Card Consolidation Companies | Brief Comparison & Ranking
Credit Card Consolidation Company
Credit Card Consolidation
Credit Card Consolidation
$2,000 – $35,000
24 – 60
36 or 60
24 – 84
|National Debt Relief|
18 – 25% of your
24 – 48
|New Era Debt Solutions|
14 – 20% of your
36 – 48
Table: Top 6 Credit Card Debt Consolidation Businesses| Above list is sorted alphabetically
Who Benefits from Learning How to Consolidate Credit Card Debt to Receive Credit Card Debt Relief?
Taking the decision to consolidate credit cards into one payment isn’t the best decision for everyone. While credit card debt consolidation can offer you credit card debt help, you will also be stuck with a longer term loan that you will have to pay off.
Credit card debt consolidation, then, is best for people who are struggling to stay on top of several credit card balances. If you are habitually making late payments, your credit score will likely fall, and you probably will end up paying heavy late fee penalties.
Image Source: Credit Card Consolidation
Since credit card consolidation won’t hurt your credit score at all, you can benefit from a lower monthly payment that is more feasible with your financial situation.
Furthermore, since credit card debt consolidation will most likely leave you with a long-term debt that you will be paying off over the course of several years, you should only consolidate credit cards if you feel that you have the financial responsibility to stay on top of your debt. Otherwise, you may find yourself in an even deeper debt burden.
What to Look for in Companies That Offer Credit Card Debt Help and Credit Card Debt Settlement
When searching for the top credit card consolidation companies, there are several things you need to keep in mind. Obviously, finding credit card consolidation companies that offer low APRs on their loans is important to everyone.
However, it’s also good to be on the lookout for credit card consolidation companies that offer loan terms that adapt to your possibilities. While some companies may only allow 36 month terms, others may allow for more flexibility.
Furthermore, you will also want to search for credit card consolidation companies that offer a wide range of loan amounts. Most companies will have a minimum loan amount needed in order to consolidate credit card debt.
Depending on your personal debt burden, you should search for credit card consolidation companies that offer loans for the specific amount of debt you’re looking to consolidate.
Lastly, it is important to research the reputation of companies that offer credit card debt consolidation. Unfortunately, there are a number of less than honest lenders out there. Researching different credit card debt consolidation companies on the Better Business Bureau can help you find a credible and trustworthy company for your credit card payoff.
AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top 6 Companies That Offer Credit Card Consolidation
Below, please find the detailed review of each credit card on our list of companies that offer credit card debt consolidation. We have highlighted some of the factors that allowed these credit card payoff companies to score so highly in our selection ranking.
One of the top credit card consolidation companies is Avant, a company that specializes in personal loans with quick turnaround. The main perk of this company offering credit card debt consolidation is that you can apply for a loan online in as little as five minutes and be approved in hours.
The rates, fees, and terms and conditions of the credit card consolidation loans offered by Avant vary by state. However, you can borrow between $2,000 to $35,000 and get an APR as low as 9.95%. Since Avant does offer credit card consolidation loans to people with a lower credit score, chances are that you will be offered a higher APR, topping out at 35.99%.
Lending Club Review
Lending Club is different from other credit card debt consolidation companies in that it is a peer-to-peer lending network. This means that your application for credit card debt relief might take longer to get approved since it will be funded by an individual. However, the credit card debt consolidation loans offered by Lending Tree come with some of the top terms and conditions on the market.
Photo Courtesy of: Lending Club
Your APR will depend on your credit score, but you might very well be able to qualify for a loan with a rate as low as 5.99%.
You can apply for your credit card consolidation loan for as low as $1,000, which is considerably lower than other credit card consolidation companies. However, the terms on these credit card consolidation loans are stricter than other competitors as Lending Club only allows 36 or 60 month terms.
If you have a credit score anywhere above 700, LightStream is most likely the best company for your credit card debt consolidation needs. You can get credit card consolidation loans anywhere from $5,000 to $100,000 with an APR of 5.99% to 9.99%.
Photo Courtesy of: LightStream
LightStream will also offer you a quick response for your credit card debt consolidation loan application. If you are approved, you may get money into your account the same day you apply.
If, however, your credit score isn’t as high as you’d like it to be, chances are that you won’t qualify and should search for other credit card debt consolidation companies that cater to people with lower credit scores.
National Debt Relief Review
Among credit card consolidation companies, National Debt Relief is one of the best rated companies on the Better Business Bureau. They advertise that the average debt reduction savings after fees is close to 30%. There are absolutely no upfront fees, and National Debt Relief charges anywhere between 18 and 25% of your total debt burden.
The difference with this company is that, instead of helping you to consolidate your credit card debt, they specialize in credit card debt settlement and will work with your creditors to help you get needed credit card debt relief.
New Era Debt Solutions Review
If you are looking for a way to reduce your credit card debt, New Era Debt Solutions may be the best option for you. This company specializes in credit card debt settlement and since 1999 have helped settle over $200 million worth of debt for their clients. They can help you reduce the amount of debt you owe and also charge no upfront fees for their services.
SoFi, or Social Finance, is best known for refinancing student loans. However, they are also one of the top credit card consolidation companies on the market. You can apply for a personal loan to consolidate credit card debt up to $100,000 and get a fixed rate APR anywhere between 5.95% and 11.74%.
Photo Courtesy Of: Social Finance
SoFi also has no origination fee for their credit card debt consolidation loans. They have financed over 13 billion dollars in loans and have over 200,000 members. You can get a credit card consolidation loan through their personal loan program, get a lower rate, and not be charged any prepayment penalty if you come up with the money to get out of debt quicker.
Conclusion – Learning to Reduce Credit Card Debt as a Path to Financial Freedom
Dealing with multiple debts is no fun for anyone. When you are trying to pay down the balances on several credit cards, it can seem close to impossible to ever get out of debt. Credit card debt consolidation is often the best way to better manage your money while benefitting from a lower monthly payment and a lower interest rate.
Finding the best credit card debt consolidation companies requires that you take the time to understand your own financial situation. The different terms and conditions on credit card consolidation loans will determine which option is best for you.
Whether you choose Avant, Lending Club, LightStream, National Debt Relief, New Era Debt Solutions, SoFi or any of the other top credit card consolidation companies, with a little dedication and financial responsibility, you should find a path to credit card debt help.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.