10
Best Debt Management Companies
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Featured Debt Relief Offer
National Debt Relief
15% to 25%
A+
Best Debt Management Companies
We’ve compared 25 companies offering debt management plans to find some of the best options. To appear on this list, the service must be widely available in the U.S.
Best Overall
American Consumer Credit Counseling
Fees
$39 enrollment; $7 to $70 monthly
BBB Rating
A+
$39 enrollment; $7 to $70 monthly
A+
American Consumer Credit Counseling (ACCC), a nonprofit credit counseling agency and member of the NFCC, was ranked best overall for debt management due to its strong track record of customer satisfaction over its three decades in business. In addition, it boasts an A+ from the Better Business Bureau.
Its debt management program addresses various unsecured debts like credit cards and medical bills.
ACCC also earns high marks for transparency by clearly detailing its fees on its website. With a $39 enrollment fee and a monthly fee of $7 per account (up to $70), ACCC is quite affordable. Depending on state regulations and the client’s financial circumstances, fees may be waived or reduced, and budget counseling is offered free of charge. Its user-friendly digital platform includes online chat support and a client dashboard for progress monitoring.
- High customer satisfaction scores
- Fees are transparent and relatively low
- Free budgeting advice
- NFCC affiliate
- Website offers helpful resources and client dashboard
- Offers physical locations in only 17 states and Washington, D.C.
- Counseling center for customers is limited to Monday through Saturday
If you’re interested in pursuing debt management with ACCC, you can get started by phone or by completing an online form. Its services are available in all 50 states and Washington, D.C. The nonprofit has physical locations in Washington, D.C. and 17 states, including Arizona, California, Florida, Georgia, Illinois, Louisiana, Massachusetts, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Tennessee, Texas and Washington.
Best For Credit Score Boost
Money Management International
BBB Rating
A+
A+
We like Money Management International (MMI) for improving credit scores. The organization says its clients see an average boost of 62 points in their credit scores within two years. MMI works to help clients become debt-free in under four years and aims to finish repayment within five years. Plus, MMI offers plenty of helpful resources for managing debt and free online counseling. Clients also enjoy reduced interest rates, typically around 7%.
- Free initial debt and budget analysis
- No minimum debt requirement
- 24/7 counseling availability
- MMI charges fees for some services
- No mobile app
MMI offers affordable debt management plans and free basic credit counseling. With financial details in hand, you can get a free 45-minute credit counseling session and then choose your level of support. Even if MMI can’t directly assist you with a plan, its counselors can guide you to resources and recommend next steps.
Best for Free Comprehensive Debt Assessment
Credit.org
Fees
$0 to $50 enrollment; $0 to $75 monthly
BBB Rating
A+
$0 to $50 enrollment; $0 to $75 monthly
A+
We preferred Credit.org for its free comprehensive debt assessment offerings. The organization provides complimentary in-depth debt counseling sessions with multiple parts. The sessions include a thorough financial review; a discussion of debt management options, support, resources and referrals; and a personalized financial action plan. It also provides ongoing support to help people reach their financial goals.
- High customer satisfaction scores
- Provides complimentary budgeting assistance
- NFCC affiliate
- Closed on Saturday and Sunday
People interested in debt management services from Credit.org can get started by applying online or calling. Services are available in all 50 states and Washington, D.C.
Best For Military Discount
Debt Management Credit Counseling Corp.
Fees
$50 enrollment (estimated), $27 monthly (estimated)
BBB Rating
A+
$50 enrollment (estimated), $27 monthly (estimated)
A+
We appreciate Debt Management Credit Counseling (DMCC) because it offers discounts for military personnel and their families on a wide range of services. These services include credit score analysis, debt management plans, student loan repayment assistance, an online first-time homebuyer course, reverse mortgage counseling certificates and prepurchase home-buying counseling for Florida and New York residents.
- High customer satisfaction scores
- Educational resources on its website
- Doesn’t disclose where it’s available
- Isn’t transparent about fees
- Closed Saturday and Sunday
If you’re interested in debt management services from DMCC, you can get started by calling or filling out a form online. The company says on its website that its debt management plan is available “in most states,” but the site lists only nine—so check with DMCC to make sure the program is offered where you are.
Best For Lowering Credit Card Interest Rates
InCharge Debt Solutions
Fees
$75 enrollment (may vary), $33 monthly (average)
BBB Rating
A+
$75 enrollment (may vary), $33 monthly (average)
A+
InCharge provides a steep reduction in credit card interest rates. Their debt management program offers an average interest rate of 8.4%, far below the current national average credit card interest rate of more than 27%. InCharge reports that many customers see their interest rates go down to around 9% or even as low as 2%.
- Transparent about fees
- High customer satisfaction scores
- Offers an account management dashboard
- NFCC member
- Focuses on credit card debt
- Higher-than-average enrollment fee
- Not nationally available
- Only one physical location
To learn more about InCharge’s debt management services, start out with a phone call. The organization maintains one physical location, in Orlando, Florida, but it’s licensed to do business in 16 states nationwide.
Most Popular
Most Popular is calculated from the number of times each affiliate product was selected by Forbes Advisor users over a six month time period.
Summary of the Best Debt Management Companies
| COMPANY | FORBES ADVISOR RATING | FEE FOR DEBT MANAGEMENT PROGRAM | BEST FOR | LEARN MORE |
|---|---|---|---|---|
 
|
$39 enrollment, $7 to $70 monthly
|
Best Overall
|
to a Debt Settlement Company with Forbes Advisor
| |
|
$33 enrollment (average), $25 monthly (average)
|
Best For Credit Score Boost
|
to a Debt Settlement Company with Forbes Advisor
| |
|
|
$0 to $50 enrollment, $0 to $75 monthly
|
Best for Free Comprehensive Debt Assessment
|
to a Debt Settlement Company with Forbes Advisor
| |
|
|
Enrollment fee not disclosed, $27 monthly (estimated)
|
Best For Military Discount
|
to a Debt Settlement Company with Forbes Advisor
| |
|
|
$75 enrollment (may vary), $33 monthly (average)
|
Best For Lowering Credit Card Interest Rates
|
to a Debt Settlement Company with Forbes Advisor
|
Methodology
We reviewed 25 debt companies that offer debt management plans to develop our list of the best debt management companies. We analyzed each company on 18 data points in the categories of fees, availability, customer satisfaction and experience, history, digital experience and the number of services provided. We chose the five best debt management companies based on the weighting assigned to each category:
- Fees: 25%
- Availability: 25%
- Customer satisfaction and experience: 20%
- History: 20%
- Digital experience: 5%
- Number of services: 5%
We considered several characteristics within each category, including the fee for debt management, Better Business Bureau score, Trustpilot rating (if available), time in business and links to accreditation industry watchdogs. We also considered whether the company was a nonprofit offering free consultations and credit counseling services. Finally, we evaluated each company’s digital experience based on its mobile app and website. To appear on this list, the organization’s debt management services must be widely available in the U.S.
What Is a Debt Management Plan?
Debt management plans consolidate unsecured debts into a single monthly payment. Implemented through a consumer credit counselor, these plans can help simplify the repayment process and shorten the time it takes to repay your debt.
How Does a Debt Management Plan Work?
Debt management companies consolidate your unsecured debt and work with creditors to reduce your interest rates or waive fees. To be clear, debt management doesn’t reduce the debt that you owe; it restructures it. With a DMP, you deposit money with your debt management company each month, and the agency uses the money to pay your unsecured debts according to a schedule. It generally takes three to five years to pay off your debts with this type of program.
Risks Of Debt Management
Though opting for a debt management plan can help you become debt-free, it also has risks and limitations. Here are some examples:
- Doesn’t help with secured debts, such as mortgages
- Credit counseling agencies charge fees for their services
- Usually requires three to five years to pay off debt
- Generally can’t open new credit accounts during the duration of the plan
- No guarantee that creditors will accept the plan
- Plan could be voided if you fall behind on payments
How To Choose a Debt Management Company
The most legitimate and worthwhile debt management plans are typically offered by debt management companies classed as nonprofit consumer credit counseling agencies. The best of these provide financial education and counseling services from certified counselors. Here’s what to look for when choosing a debt management company.
- Accreditation. To identify a trustworthy counselor, make sure it’s accredited by a reputable organization, such as the NFCC or the Financial Counseling Association of America (FCAA). Also, check with your state attorney general’s office and check the company’s rating with the Better Business Bureau.
- Fees. Confirm that the agency is reasonably transparent about its fees. Though fees may vary by state, the company should at least provide an average cost. Most companies charge a setup or enrollment fee, plus a monthly fee, for their debt management services. Look for the setup fee to be $75 or less and the monthly fee to be $50 or less. Some organizations allow you to negotiate a fee waiver in certain circumstances.
- Nonprofit status. If you decide to go the debt management route, be cautious: Not all companies that offer debt relief services are ethical. The most reputable companies in this space tend to be nonprofit organizations, but some for-profit organizations qualify as well.
- Customer satisfaction and experience. It’s essential the company you choose has a long history of satisfied customers. Don’t only look for the company to have a solid score with the Better Business Bureau and sites like Trustpilot, but also read customer reviews. It’s important to know where a company shines and where it falls short.
- Time in business. A longer track record of success typically indicates a company’s ability to work well with creditors.
- Digital experience. If you value online and mobile access, thoroughly vet the company you choose for features like online chat, digital tools and app availability.
- Other services. Agencies often provide an initial counseling session at no charge. Look for a company that provides educational resources and classes on budgeting and managing debt.
It’s important not to sign up for a debt management plan until a certified credit counselor has reviewed your financial situation. Reputable credit counseling organizations can also help you build a budget and refine your money management.
How To Qualify for a Debt Management Plan
Qualification for a debt management plan usually hinges on the type of debt you have, how much you owe and your overall budget. Debt management companies may only be able to enroll certain types of debt, such as:
- Unsecured credit cards
- Medical bills
- Unsecured personal loans or lines of credit
- Store credit cards
- Unpaid utility bills
Debt management companies typically do not work with secured debts, such as car loans or mortgages, and they often don’t work with student loans or tax debt either.
If you’re interested in working with a debt management company, it’s helpful to know what to expect. Generally, you’ll be asked to complete a free initial session with a credit counselor who will review your finances to assess your situation.
During your initial consultation, your credit counselor will look at what you can afford to pay to determine whether debt management is right for you. If it is, you can take the next steps to enroll in a debt management plan, which includes sharing additional details about your debt and setting up automatic payments to the plan from your bank account.
Alternatives to Debt Management
Consider other options before you settle on a DMP. There are several alternative forms of debt relief:
- Credit counseling. It’s possible you may not need a debt management plan. Credit counselors may be able to help you with your budget, debts and finances without the need to enroll you in a formal program. These professionals can help you create a personalized plan for your debt.
- Debt consolidation. You may be able to use debt consolidation on your own to combine multiple debts into one payment each month. For example, you might use a 0% APR balance transfer credit card or a personal loan to consolidate multiple debts into a single monthly payment.
- Bankruptcy. Also considered a form of debt relief, bankruptcy may help your debt situation. It’s generally considered an option of last resort because it can clobber your credit score.
- Debt settlement. Debt settlement comes with significant risks. You can try debt settlement on your own or with a company. Debt settlement companies generally work to reduce the amount of debt that you owe.
Debt Management vs. Debt Settlement
It’s important to understand the differences between debt management and debt settlement. For example, with debt settlement, the amount of debt forgiven may be considered taxable income. Here are more ways they differ:
Debt management companies
- Choose debts to enroll
- Make a single monthly payment
- Payment is distributed to creditors
- No need for loans or transfers
- May negotiate lower rates or waived fees
- Repay the entire principal amount
- Last resort option; you pay less than you owe
- The remaining balance may be canceled
- A form of debt forgiveness
- Negotiate directly or contract with a debt settlement company (fee involved)
- Typically requires being past due
- More damaging to credit score
- Payments made to separate accounts
- Likely income tax implications
Compare Debt Consolidation Loans for Poor Credit
Forbes Advisor Managing Editor for Global Data and Automation Mitch Strohm contributed to this article.
Frequently Asked Questions (FAQs)
Who regulates debt management companies?
Companies that offer debt relief services, including debt management and debt settlement, are subject to state and federal regulatory guidelines. The Federal Trade Commission (FTC) prohibits companies in the debt relief space from engaging in unfair or deceptive practices. Debt management companies must be transparent when disclosing fees, and they’re also subject to regulation with regard to marketing and soliciting prospective clients.
What is nonprofit debt management?
Nonprofit debt management companies help people find solutions for dealing with debt, which may include streamlining monthly payments or reducing interest rates. These companies focus on helping people first, and while they may charge service fees, they’re not driven by profit. For-profit debt management or debt relief companies, on the other hand, are primarily interested in generating revenue from their services.