Debt Reduction Services is a debt relief service that is different from other debt relief services as it offers help through debt management plans, rather than debt settlement. Debt management plans involve negotiating payment and interest rates with creditors and then making a monthly payment to the debt collector or agency that the client works with. This helps clients manage their debts more effectively, as well as provides them with guidance and support. Debt Reduction Services are a great way for individuals to gain control over their debt, and they can help them save money in the long run.
- BBB A+ Rating & Accredited
- $300 Million Debt Settled
- $8,000 Minimum Debt
- 25th best financial firm, USA (INC Magazine)
- Minimum Debt $7,500
- $ 3 Billion Plus Debt Resolved
When the payment plan is in place, creditors will receive their payments on a monthly basis. This is beneficial to clients as it simplifies their finances by consolidating their payments into one monthly payment. This helps them stay focused and not feel overwhelmed during the repayment process. This approach also helps clients have a better understanding of their financial situation and makes it easier to manage their payments.
Debt Reduction Services offers a range of debt relief options to anyone struggling with debt. No matter the amount of debt you may have, their services are open to you and free of charge. A certified debt relief counselor will work with you one-on-one to create a budget that fits your lifestyle and meets your debt reduction goals. Furthermore, their debt management plans are open to anyone regardless of their credit score, and in some cases, the DMPs may even help improve your credit score as you reduce your debt.
Debt Reduction Services Benefits And Drawbacks
Benefits
- Debt Reduction Services provides an online client portal that simplifies the process of monitoring your progress toward paying off your debts in real-time. With this dashboard, you can easily keep track of your plan’s details online.
- Compared to debt settlement, debt management plans (DMPs) usually don’t have a negative impact on your credit rating. In fact, enrolling in a DMP may even enhance your credit rating significantly. As you start following your plan, making timely payments to your creditors can gradually improve your score.
- A debt management plan (DMP) can lower your payments by as much as 50% and reduce interest rates by up to 75%. Although DMPs won’t allow you to settle debts for less than the amount owed, they can help you decrease fees and interest, enabling you to become debt-free more quickly.
- Debt Reduction Services offers free assistance with budget planning and credit counseling, even if you’re not interested in participating in a debt management plan (DMP).
Drawbacks
- DMPs are not suitable for merging secured debts such as an auto loan or a mortgage. Consolidating such debts through a DMP is not possible.
- The fees associated with debt management plans (DMPs) are not revealed in advance. You will be required to pay a setup fee and additional plan fees, which will not be disclosed to you.
- Debt Reduction Services provides its clients with an online portal, but it does not offer a mobile application.
Bundled types of debt
Debt Reduction Services provides both credit counseling services and debt management plans (DMPs) to assist people with all kinds of debt. These services are most effective with certain types of debt, such as credit cards, store cards, medical debts, personal loans, and payday loans. They are also able to provide help with mortgage and rent arrears, utility bills, legal fees, and other types of debt. The company works with customers to create customized plans that help them pay off their debts in a reasonable amount of time. Debt Reduction Services strives to provide effective, professional assistance to those struggling in debt.
Payday Loans
Debt Reduction Services can help you break the expensive cycle of relying on payday loans and credit card just to make ends meet. These services can assist you in obtaining relief from payday loans with their outrageous interest rates of up to 500%. By utilizing their services, you can take control of your finances and get back to a more secure financial situation. Their services can help you put an end to the costly debt cycle and provide you with the guidance and support you need to make the necessary changes to your financial behaviour.
Credit Cards
Credit card debt is one of the most common types of debt included in debt management plans. If you find yourself struggling to manage your credit card debt, Debt Reduction Services can help. These services are designed to reduce your interest rate and monthly payments, making your credit card debt more manageable. They can also provide guidance and advice on how to stay on track with your payments and avoid further debt. By taking advantage of these services, you can get out of debt faster and more efficiently.
Medical Debt
Debt management plans (DMP) can be a great way to handle medical bills. Companies like Debt Reduction Services can work with you to create a payment plan that works for both you and all your debts and medical providers. This plan can help you stay on track with your medical bills and can help ensure that you don’t fall behind on payments. DMPs can be a great way to help you manage your medical expenses and keep your debt under control.
How Does It Work?
Debt Reduction Services offers free credit counseling and budgeting assistance that comes with no financial obligation. The process starts with a free consultation with a certified debt specialist to review your finances and debts. Your debt specialist will explain your debt management plan (DMP), including the associated fees if you decide to pursue it. While there is no minimum debt amount to get started, credit counselor at Debt Reduction Services recommends managing unsecured debts below $100 by yourself. With their help, you can get on the path to a debt-free future.
Credit counseling is a great way to get the help you need when managing your debt relief options. It can provide valuable guidance and advice on how to reduce your spending and better manage finances. It is a free service that can be used to help you become debt free faster, allowing you to make more informed decisions about your finances. It is important to consider credit counseling no matter what route you decide to take with your debt relief program. It can help you make the most of your money and ensure that you are on track to becoming debt-free in the long term.
Debt Reduction Services Clients Support
Debt Reduction Services offers physical offices in two locations, Boise, Idaho, and Bohemia, New York, to provide services to those who may not have regular access to online resources. If you live in or near either of these locations, you can take advantage of the opportunity to have a face-to-face meeting with a professional to discuss your debt situation. The physical offices of Debt Reduction Services provide a welcoming environment to discuss the options available to lessen the burden of debt, and may provide a clearer path to financial freedom.
This company is licensed in all 50 states, the U.S. Virgin Islands, Guam, and all active U.S. military bases worldwide, and they offer assistance to anyone, no matter where they are located. You can contact their customer service department by phone at 1-866-688-3328, although they do not provide specific hours of operation. To make it easy for customers, they have an online client portal that is available around the clock. Through this portal account, customers can monitor their debt repayment progress, generate reports, communicate securely with their debt advocates, access information about payments made to creditors, and perform other tasks.
Debt Reduction Services Reputation
Before choosing a debt settlement company, it is important to do some research to ensure the organization is trustworthy. One way to assess the company’s credibility is to verify if they are affiliated with reputable organizations, such as credit counseling organizations such as the Financial Counseling Association of America (FCAA) or the American Fair Credit Council (AFCC). For example, Debt Reduction Services has become a member of the FCAA and is not involved in any legal actions initiated by the FTC. Doing these checks can help you find a reliable debt relief company that can help you get back on track with your finances.
If you are not satisfied with the services provided by a debt relief company, you have the option to file a grievance with the company or the FTC.
Debt Reduction Services offers a range of debt management services that can help customers reduce their interest rates by up to 75%, lower their monthly payments by up to 50%, and eliminate late fees and over-the-limit fees. The duration of the debt repayment plan with Debt Reduction Services is variable and depends on factors like the amount of debt, the customer’s monthly payment capacity, and other variables. It usually takes 2 to 4 years to repay the debt through debt settlement, although some customers may be able to negotiate together to pay off their debt sooner.
How Much Does Their Services Cost?
According to Debt Reduction Services, a fee must be paid to commence your debt management plan (DMP), but this fee is not consistent and is dependent on the state of your loan and your residence. In addition, they do not reveal the continuing fees that will be incurred as the DMP advances.
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Conclusion
Debt Reduction Services is a financial services company that specializes in helping individuals and families who are struggling with heavy debt loads. It offers a variety of services, such as debt counseling, budgeting advice, and debt settlement. Many customers have reported positive experiences with Debt Reduction Services, citing its helpful advice and guidance throughout the debt settlement process. However, some customers have expressed frustration with the company’s fees and lack of communication. If you are considering using other debt settlement companies or Debt Reduction Services, it is important to research them thoroughly and compare their services and fees to other debt relief companies before making a decision.
