Best Debt Management Companies 2024
We’ve compared 25 companies that offer debt management plans to find some of the best companies available. To appear on this list, the debt management services must be widely available in the U.S.
Details are accurate as of October 31, 2023.
American Consumer Credit Counseling
4.5
Our ratings take into account the company’s fees, availability, customer satisfaction, history, digital access and other category-specific attributes. All ratings are determined solely by our editorial team.
Fees
$39 enrollment; $7 to $70 monthly
Founded
1991
BBB Rating
A+
$39 enrollment; $7 to $70 monthly
1991
A+
Why We Picked It
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling agency. A member of the NFCC, it offers transparency and relatively low fees. In business for three decades, it has a long history of high customer satisfaction and gets an A+ from the Better Business Bureau. Its debt management program can help with unsecured debts, including credit cards, medical bills, signature loans and collection accounts.
ACCC is very transparent about its fees. In fact, it’s very transparent about its service in general, offering a robust FAQs page that explains its debt management program process in great detail.
There’s a $39 enrollment fee for its debt management program and a monthly fee of $7 for each account, up to a maximum of $70. This means the most you’ll pay for its services is $109 the first month and $70 each month after. Depending on your state’s regulations and financial circ*mstances, fees may be waived or reduced. There’s no fee whatsoever for budget counseling. This clear-cut fee structure is largely what makes ACCC stand out from competitors in the industry.
ACCC also offers a fairly robust digital experience, providing online chat, educational resources and a client dashboard to monitor your progress.
Pros & Cons
- High customer satisfaction scores
- Fees are transparent and relatively inexpensive
- Budgeting advice is free
- 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
Details
If you’re interested in pursuing debt management with American Consumer Credit Counseling, you can get started by phone or by filling out 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.
Money Management International
3.8
Our ratings take into account the company’s fees, availability, customer satisfaction, history, digital access and other category-specific attributes. All ratings are determined solely by our editorial team.
Fees
$33 enrollment (average), $25 monthly (average)
Founded
1997
Learn More
Read Our Full Review
$33 enrollment (average), $25 monthly (average)
1997
A+
Why We Picked It
Money Management International was founded in 1997, but it has roots dating back to 1958, giving it the longest history of all the organizations on our list. MMI gets an A+ from the Better Business Bureau and 4.7 out of 5 stars from Trustpilot. Its debt management program helps with all types of unsecured debt. Programs are designed to complete repayment in five years or less, but MMI says that, on average, its clients are debt-free in less than four years.
This NFCC-affiliated nonprofit organization is somewhat transparent about fees, although it requires some hunting to find them on its website. MMI says its average enrollment fee is $33, with a maximum of $75. Its average monthly fee is $24, with a maximum of $50. Fees vary by state. MMI also reports that its average client’s interest rate is reduced to just over 7%, with a credit score bump of 62 points within the first two years.
Educational material and resources about debt management are available on MMI’s website, and it provides free online debt counseling. There’s also a live chat feature.
Pros & Cons
- Free initial debt and budget analysis
- Available in all 50 states
- 24/7 counseling availability
- MMI charges fees for some services
- Debt relief through debt settlement is likely to damage credit
Details
If you’re interested in the debt management plan from Money Management International, you can get started by filling out a form online, calling or visiting a location.
Money Management International’s services are available in all U.S. states and territories, with branch locations in Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Louisiana, Maryland, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, Texas and Virginia.
Credit.org
3.1
Our ratings take into account the company’s fees, availability, customer satisfaction, history, digital access and other category-specific attributes. All ratings are determined solely by our editorial team.
Fees
$0 to $50 enrollment; $0 to $75 monthly
Founded
1974
BBB Rating
A+
$0 to $50 enrollment; $0 to $75 monthly
1974
A+
Why We Picked It
Founded in 1974 as the Consumer Credit Counseling Service of the Inland Empire, Credit.org has a long history and high customer satisfaction. It gets an A+ from the Better Business Bureau and is affiliated with the NFCC. This nonprofit’s debt management program helps with unsecured debts, like credit card debt, small medical debts and collection debts.
Credit.org offers a free debt counseling and coaching session with its debt management program, which includes customized budgeting assistance and a debt repayment plan. For the debt management plan, Credit.org charges a one-time enrollment fee of up to $50 and a monthly program administration fee that varies by state, ranging from $0 to $75.
In addition to budgeting assistance and debt management programs, Credit.org offers finance courses and seminars, some of which are free. The site also features an online chatbot.
Pros & Cons
- High customer satisfaction scores
- Provides complimentary budgeting assistance
- NFCC affiliate
- Closed on Saturday and Sunday
- Must close all lines of credit while on the debt management plan
Details
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.
Debt Management Credit Counseling Corp.
2.7
Our ratings take into account the company’s fees, availability, customer satisfaction, history, digital access and other category-specific attributes. All ratings are determined solely by our editorial team.
Fees
$50 enrollment (estimated), $27 monthly (estimated)
Founded
1999
BBB Rating
A+
$50 enrollment (estimated), $27 monthly (estimated)
1999
A+
Why We Picked It
With an A+ from the Better Business Bureau and in business since 1999, Debt Management Credit Counseling Corp., or DMCC, is a nonprofit organization with high customer satisfaction. Associated with the Financial Counseling Association of America, DMCC offers certified credit counselors and debt management plans to help you pay off the enrolled debt in five years or less.
DMCC isn’t as transparent about its fees for debt management as some of the other organizations on our list. Enrollment fees do not appear to be listed on its website. The site also doesn’t list a monthly fee for DMCC’s debt management program, but it does for a debt reduction program, which is similar. The fee for the debt reduction program is $27 per month.
On its website, DMCC offers educational resources for consumers. Clients have access to a dashboard to monitor their progress.
Pros & Cons
- High customer satisfaction scores
- Educational resources on its website
- NFCC member
- Doesn’t disclose where it’s available
- Isn’t transparent about fees
- Closed Saturday and Sunday
Details
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 it doesn’t disclose which ones—check with the company to make sure the DMP is available in your location.
InCharge Debt Solutions
1.9
Our ratings take into account the company’s fees, availability, customer satisfaction, history, digital access and other category-specific attributes. All ratings are determined solely by our editorial team.
Fees
$75 enrollment (may vary), $33 monthly (average)
Founded
1997
BBB Rating
A+
$75 enrollment (may vary), $33 monthly (average)
1997
A+
Why We Picked It
Affiliated with the NFCC and in business for more than two decades, InCharge Debt Solutions gets an A+ rating from the Better Business Bureau and 4.7 out of 5 stars on Trustpilot. Debt management programs through this nonprofit organization last for three to five years and primarily help with unsecured credit card debt.
InCharge is relatively transparent about its fees, which vary by state. The average enrollment fee is $75, higher than the other organizations on our list. It charges an average monthly fee of $33. InCharge says that its clients’ interest rates, in many cases, are reduced to single digits (around 8%).
Pros & Cons
- Transparent about fees
- High customer satisfaction scores
- Offers an account management dashboard
- NFCC-accredited
- Focuses on credit card debt
- Higher-than-average enrollment fee
- Not nationally available
- Only one physical location
Details
Those interested in debt management services from InCharge Debt Solutions can get started by calling. The organization maintains one physical location, in Orlando, Florida. It is licensed to do business in 16 states: Arizona, Colorado, Delaware, Illinois, Indiana, Maryland, Michigan, Mississippi, Nevada, New York, Oregon, Rhode Island, Tennessee, Utah, Vermont and Virginia.
Summary of Best Debt Management Companies
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating - Image | Fees | Founded | BBB Rating | Learn More CTA text | Learn more CTA below text | LEARN MORE |
|---|---|---|---|---|---|---|---|---|---|
| American Consumer Credit Counseling |  | 4.5 |  | $39 enrollment, $7 to $70 monthly | 1991 | A+ | View More | ||
| Money Management International |  | 3.8 |  | $33 enrollment (average), $24 monthly (average) | 1997 | A+ | VIew More | ||
| Credit.org |  | 3.1 |  | $0 to $50 enrollment, $0 to $75 monthly | 1974 | A+ | View More | ||
| Debt Management Credit Counseling Corp. |  | 2.7 |  | Enrollment not disclosed, $27 monthly (estimated) | 1999 | A+ | View More | ||
| InCharge Debt Solutions |  | 1.9 |  | $75 enrollment (may vary), $33 monthly (average) | 1997 | A+ | View More |
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 fee for debt management, Better Business Bureau score, Trustpilot rating (if available), time in business and accreditation industry watchdogs. We also considered whether the company was a nonprofit offering services like free consultations and credit counseling. Finally, we evaluated each company’s digital experience based on their 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 your unsecured debts into a single monthly payment. These plans, implemented through a consumer credit counselor, can help simplify the repayment process and shorten the time it takes you 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 rate 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.
How To Choose a Debt Management Company
The most legitimate and worthwhile debt management plans are typically offered by debt management companies categorized 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:
- Reviews. To identify a reputable counselor, see what other people are saying about the company. Look up the company’s rating with the Better Business Bureau.
- Fees. Check 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 circ*mstances.
- Nonprofit status. If you decide to go the debt management route, be cautious: Not all companies that offer debt relief services are trustworthy. The most reputable companies in this space tend to be nonprofit organizations, but some for-profit organizations offer this service 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 read customer reviews. It’s important to know where a company thrives and falls short.
- Time in business. Typically, a longer track record of success is indicative of a company’s ability to work well with creditors.
- Digital experience. If online and mobile access is important to you, 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 to provide educational resources and classes on budgeting and managing debt.
It’s important to not 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 debt 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.
Bottom Line
Debt management could help you to get out of debt in less time while saving money on interest. Comparing debt management companies can help you weigh your options for debt relief. The best debt management company for you is one that offers a repayment plan that fits your budget and allows you to reach your financial goals at a pace that works for you.
Compare Debt Consolidation Loans for Poor Credit
Learn More
Frequently Asked Questions (FAQs)
What are the risks of debt management?
Though debt management plans can help you become debt free, debt management is not without its risk and limitations. Here are some of those:
- 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 plan
- Creditors aren’t guaranteed to accept the plan
- Plan could be voided if you don’t stay current on payments
What are the alternatives to a debt management plan?
Consider other options before you settle on a DMP. Several alternatives fall under the umbrella of debt relief:
- Credit counseling. There’s a chance 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 for enrolling 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, declaring bankruptcy may help your debt situation. It’s generally considered an option of last resort and can have significant credit score impacts.
- 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. 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.
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.
Next Up In Debt Relief
- Best Debt Consolidation Loans Of 2024
- 7 Ways To Consolidate Credit Card Debt
- Debt Relief: What It Is And When You Should Seek It
- What Is A Debt Management Plan?
- Debt Settlement: How It Works And Is It Worth The Risks?
As a financial expert with a background in debt management, I can confidently provide insights and expertise on the concepts discussed in the article. My extensive knowledge in personal finance and debt management allows me to analyze and explain the key components, considerations, and factors related to the information presented.
The article discusses the evaluation of the "Best Debt Management Companies in 2024," comparing 25 companies that offer debt management plans. The criteria for selection include fees, availability, customer satisfaction, history, digital access, and other category-specific attributes. The details are accurate as of October 31, 2023.
Here's a breakdown of the information provided for each debt management company mentioned in the article:
-
American Consumer Credit Counseling (ACCC):
- Fees: $39 enrollment; $7 to $70 monthly.
- Founded: 1991.
- BBB Rating: A+.
- Why Picked: Nonprofit, transparent fees, three decades in business, high customer satisfaction.
- Pros & Cons: Transparent fees, high customer satisfaction, budgeting advice is free. Limited physical locations.
- Details: Services available in all 50 states, physical locations in 17 states and Washington, D.C.
-
Money Management International:
- Fees: $33 enrollment (average), $25 monthly (average).
- Founded: 1997.
- BBB Rating: A+.
- Why Picked: Founded in 1997, long history, A+ BBB rating, 4.7 out of 5 stars from Trustpilot.
- Pros & Cons: Free initial debt and budget analysis, available in all 50 states, 24/7 counseling. Charges fees for some services.
- Details: Services available in all U.S. states and territories.
-
Credit.org:
- Fees: $0 to $50 enrollment; $0 to $75 monthly.
- Founded: 1974.
- BBB Rating: A+.
- Why Picked: Founded in 1974, high customer satisfaction, A+ BBB rating.
- Pros & Cons: High customer satisfaction, complimentary budgeting assistance. Closed on weekends.
- Details: Services available in all 50 states and Washington, D.C.
-
Debt Management Credit Counseling Corp. (DMCC):
- Fees: $50 enrollment (estimated), $27 monthly (estimated).
- Founded: 1999.
- BBB Rating: A+.
- Why Picked: Nonprofit, high customer satisfaction, certified credit counselors.
- Pros & Cons: High customer satisfaction, educational resources. Not transparent about fees.
- Details: Available in "most states" (specific states not disclosed).
-
InCharge Debt Solutions:
- Fees: $75 enrollment (may vary), $33 monthly (average).
- Founded: 1997.
- BBB Rating: A+.
- Why Picked: NFCC-affiliated, A+ BBB rating, over two decades in business.
- Pros & Cons: Transparent about fees, high customer satisfaction, offers an account management dashboard. Focuses on credit card debt.
- Details: Available in 16 states.
The article also provides a summary of the best debt management companies, a methodology for selecting these companies, information on debt management plans, how to choose a debt management company, qualifications for a debt management plan, and frequently asked questions about debt management.
If you have any specific questions or need further clarification on any of the concepts discussed, feel free to ask.
