Those with credit card debt can benefit from debt consolidation. Debt relief companies negotiate with your creditors while you make only one monthly payment, which reduces the stress of multiple different payments. ConsumerAffairs researched the best debt consolidation companies in Tampa to help settle your debt.
Tampa consumers need debt relief, just like most Americans. The average American household has $5,700 in credit card debt, and in Florida it's even higher at $8,444. A 2015 study showed that the Tampa-St. Petersburg metro area is the eighth-highest region in the U.S. for credit card debt.
Tampa's median household income of $45,874 is about $13,000 lower than the U.S. median income, according to the Census Bureau. More than 20 percent of residents here live in poverty. This economic position makes debt a reality for many Tampa consumers.
A debt consolidation loan can help you get out of debt if you cannot keep up with payments. Debt consolidation companies can help you avoid bankruptcy and set yourself up for a brighter financial future. There are some things to think about before you take out a debt consolidation loan.
Debt consolidation pros:
You will have one payment rather than several
Your interest rate overall will be lower, saving you money in the long term
Most debt consolidation companies offer credit counseling and financial resources
Debt consolidation cons:
You still owe all the debt you've consolidated
It will take time to pay it all off, even up to five years
The Tampa debt consolidation company you choose should give several options to reduce and eventually eliminate your debt. Some companies will try to negotiate lower interest rates and new payment plans with your current creditors. It's worth exploring your options, especially if you're worried that you may have to declare bankruptcy because debt is taking a toll on your household finances.
National Debt Relief is a trusted name in credit card debt settlement. With a source of income, you can quickly qualify and pay no upfront fees until your debt is settled. National Debt Relief can reduce debt up to 49 percent through transparent, helpful customer service, which earns them excellent reviews
For debt relief solutions, CreditAssociates works to settle debt in 24 to 36 months. Good credit is not required and customers get a free, no obligation consultation by speaking to trained advisors who are experts in negotiating down debt. Customer reviews speak highly of agents for being professional, helpful and communicative.
At CountryWide Debt Relief, approval of a debt consolidation option is guaranteed and you can see what you qualify for in a matter of minutes. A variety of plans try to get customers debt-free in just a year or two. Case studies on their website show how debt consolidation plans have worked for others.
The goal of Freedom Debt Relief is to resolve your debt for much less than you owe, as quickly as possible. The process starts with a personal phone call with a certified debt consultant who reviews your options, then can set up a customized plan with payments you are comfortable with. Clients can then view their progress 24/7 through the online dashboard.
Accredited Debt Relief uses proven negotiators to work with top debt relief companies across the country, helping customers settle their debts for less than what they owe. The company is an accredited member of the American Fair Credit Council and gives back to community charities monthly. Customers often give Accredited Debt Relief five star reviews, noting their professional, personalized service.
With certified debt counselors to guide your debt settlement every step of the way, Pacific Debt charges no upfront fees until you get results. The company has helped settle more than $200 million in debt for clients. Reviews speak highly of having access to a personal account manager who can help set up an affordable payment plan.
Debt Rx is an experienced debt settlement company. They work with people having $7,500 or more in credit card debt. The company prides itself on being smaller than its competitors to better focus on personal service to find individual solutions for debt relief. For those behind on payments, Debt Rx may be the right prescription to ease the pain of being in debt.