Debt consolidation services are broken into two broad categories. The first, and we believe generally preferable one, is Debt Management, sometimes referred to as Debt Repayment or Credit Counseling. The second option is Debt Settlement which also goes by names including debt negotiation or debt reduction. CareOne Debt Relief Services offers both types of services, but, to their credit, strongly recommends debt management if it is at all possible. Those facts combined with their commitment to helping prevent clients from falling into further debt problems after completing one of their programs has earned them the TopTenREVIEWS Gold Award for a debt consolidation service.
In addition to the fees collected directly from consumers, debt management plans typically involve the creditors paying what is essentially a commission to the service provider or credit counseling agency (true for only one provider, CareOne services declines this commission) for their assistance in recovering debt that might otherwise become uncollectible. Typically, credit counseling agencies receive 50 percent or more of their revenues from these payments by creditors. CareOne Services has taken a dramatically different approach and does not accept any revenues from creditors. They believe it is essential to serve as an unbiased advocate for their customers and believe receiving monies from creditors could damage that advocacy.
CareOne Debt Relief Services negotiates with clients’ creditors to get interest rates reduced and also to have other charges and fees reduced or eliminated. As a result of those reductions, a much larger portion of a client’s payments to creditors go to pay off the original debt rather than primarily paying interest and fees.
It must be noted that with CareOne Debt Relief Services or any other debt consolidation service, the actual cost of payoff and time required to do so can only be estimated initially. Final costs won’t be available until actual negotiations with creditors have been completed.
The longevity of a business is one of many indicators that can be a clue as to the reliability of the firm. CareOne Debt Relief Services has been in business since August 2002.
CareOne Debt Relief Services features online account access which allows clients to make administrative changes like changing passwords or updating addresses. It even allows for payment due date modification of up to 15 days if necessary. All areas of their web site that collect sensitive information use industry standard Secure Sockets Layer (SSL) encryption to protect private data. Most importantly, online access allows a client to track debt reduction progress at any time. This is a powerful motivator for keeping on track and ultimately becoming debt free.
The primary goal of debt consolidation is to become completely free of unsecured debt. A close second has to be staying out of debt once the program is over. Returning to the spending patterns that created a debt problem in the first place will recreate the same problems after consolidation is complete. CareOne Debt Relief Services’ programs for helping its clients stay out of debt are outstanding. Their Straight Talk message board allows clients to see how others with similar situations are coping and encourages them to offer their best suggestions in helping others.
CareOne Debt Relief Services also publishes a helpful newsletter called On Track which has great articles about budgeting and other tips that help in getting through the consolidation process as well as keeping out of debt. There’s no requirement to be a client of CareOne Debt Relief Services to receive the newsletter and its advice could be valuable to anyone. They also feature FreedomPointers which are ways to save money on a wide variety of expenses and a monthly contest that awards prizes to clients that share innovative ways to save money.
CareOne Debt Relief Services offers assistance by telephone, email and online chat. Representatives are knowledgeable and pleasant. In our dealing with them they consistently answered our questions frankly and without delay and they were always understanding. The company’s website also provides an extensive FAQ feature which categorizes help topics to make information easy to find. It also has a search function.
If debts have gotten to the point that debt consolidation is necessary, it’s important to choose a debt consolidation firm that is reliable and offers options geared toward the client’s needs as opposed to furthering the objectives of the consolidator. CareOne Debt Relief Services stands out among debt consolidation services for exactly those reasons. Given that no one company can be best for everyone’s requirements, we encourage comparing the reviews of other top ranked companies as well.
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While they provide Debt Management and Debt Settlement, they strongly advise debt management if possible.
Final costs won’t be available until actual negotiations with creditors have been completed.
We appreciate their commitment to helping prevent clients from falling into future debt and recommend their service.