Compare Top Debt Settlement
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National Debt Relief
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Freedom Debt Relief
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Specializes in debt settlement services. Debt can be settled in 24 to 48 months, and fees range from 15% to 25%. $15,000 minimum debt required. Track progress 24/7 via online dashboard. No-risk debt relief consultation offered. |
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Learn More (855) 381-0979 | Read More |
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CreditAssociates
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This debt settlement company helps clients eliminate debt in as little as 24-36 months. It uses state-of-the-art software and a team of experts to negotiate your debt with your creditors. Settlement only, not a lender. |
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Learn More (888) 492-5184 | Read More |
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Accredited Debt Relief
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Minimum debt required is $10,000. Average debt settlement program takes 2-4 years. Multiple plans available, and no fees are required until settlement is reached. Money-back guarantee. Debt settlement only, no loans available. |
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Learn More (877) 566-8703 | Read More |
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Pacific Debt Relief
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$10,000 minimum debt required. Low monthly program payment and no upfront fees. Service fees vary between 15 and 25% of the total debt enrolled. Most results take 24-48 months. Offers debt negotiation, but not consolidation loans. |
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Learn More (213) 330-0553 | Read More |
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Debt Rx
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Get personalized service and attention when you’re seeking debt relief. Find out more about your debt relief options with a free confidential consultation, and use its debt calculator to see how much you can save. |
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The need for debt consolidation and settlement in Baltimore
The total amount of credit card debt in America increased over five percent in 2017, with more than 41 percent of people carrying a balance every month. On average, Baltimoreans have credit card debt equaling roughly 11 percent of their income, which is about the national average, but higher than the rest of Maryland.
| Average credit card debt | Average household income | Average credit card debt as a percentage of income | |
|---|---|---|---|
| $6,239 | $56,221 | 11% | |
| $7,913 | $100,071 | 8% | |
| $5,700 | $46,550 | 12% |
If you have high-interest credit card debt, especially spread across multiple cards, debt consolidation can help lower your monthly payments and enable you to pay off your debt faster.
What is debt consolidation?
There are two main methods of debt consolidation: debt consolidation loans and low-interest balance-transfer credit cards. You’ll need good credit to qualify for both. A debt consolidation loan is a new loan that is used to pay off your credit card debts in full while you make monthly payments on the new, lower interest loan. A balance transfer credit card allows you to transfer all of your high-interest credit card debt to a low-interest card, which you then have to pay off in full within a specified time limit.
Benefits of debt consolidation
- If the interest rate on the new debt consolidation loan is lower, you pay less money overall
- Your credit card debt will be paid off immediately
- Your credit score won’t be negatively affected as long as you keep your credit card accounts open after you pay down the debt
Drawbacks of debt consolidation
- You must have good enough credit to qualify for a low- or no-interest credit card or loan
- Debt consolidation loans and credit cards have to be paid off within a specific time period, so your monthly payments will be higher in the short-term
- Doesn’t prevent you from getting back into debt in the future
If your total debt is more than 50 percent of your income, or you’re facing potential bankruptcy, you’re unlikely to get approved for debt consolidation. The Federal Trade Commission has information about other options available for people in this predicament.
If you pursue debt consolidation in Baltimore, make sure to read the Maryland regulations for reputable debt management companies so you don’t end up in worse financial shape.
Debt Consolidation Reviews
National Debt Relief |
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National Debt Relief offers a range of options for debtors, including debt consolidation, debt settlement and credit counseling. Their website provides information about state laws and statistics in Maryland, and they’re a licensed Debt Management Services (DMS) provider. |
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Freedom Debt Relief |
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Freedom Debt Relief provides debt settlement, primarily designed for people with a large amount of debt that exceeds their monthly budget, although they don’t offer debt consolidation loans. Their blog contains a lot of helpful information. |
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Learn More (855) 381-0979 |
CreditAssociates |
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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. |
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Learn More (888) 492-5184 |
Accredited Debt Relief |
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Accredited Debt Relief is a debt management service provider with debt consolidation and debt settlement options. They offer free consultations to determine which method would work best for you. Negotiators will work to lower your debts and no fees are charged until your debts are resolved. |
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Learn More (877) 566-8703 |
Pacific Debt Relief |
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Pacific Debt is a debt settlement company that does not offer debt consolidation as one of their options. Though they offer debt counseling, their primary method of debt relief is debt settlement, which is different from debt consolidation. |
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Learn More (213) 330-0553 |
Debt Rx |
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Debt Rx works with those having credit card debts of $7,500 or more. This debt settlement company is smaller than competitors to focus on individual service and solutions for debt relief. If you’re behind on bills, Debt Rx could be the right prescription to ease the financial pain of being in debt. |
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