CNBC's top debt relief companies for 2024.

Best for quick debt payoff

If you want to get out of debt faster, Accredited Debt Relief is a good option. With a track record dating back to 2009, the company claims that its payment program can help clients become debt-free in as little as 12 months, compared to the 24 months most other companies promise.

Best for customer satisfaction

If customer service is a priority, Americor could be the one for you. The company has received high praise from hundreds of customer reviews online, with an average rating of excellence. Americor was founded in 2008 and is a member of the American Association for Debt Resolution.

Americor offers debt consolidation loans through Credit9 and charges clients between 14% and 29% of enrolled debt, which is lower than several competitors on this list. The company operates in every state except Colorado.

Best for availability

National Debt Relief operates in the most states of any company we reviewed, including 47 states and the District of Columbia.

Best for smaller debts

What is Freedom Debt Relief? The company has been in business for over 20 years and has worked with over one million customers, resolving more than $18 billion in unsecured debt since 2002. Freedom Debt Relief prefers clients to have at least $7,000 in unsecured debt, but may consider clients with even less. Most competitors set their minimum debt limit at $10,000.

Freedom Debt Relief offers a refund of its fees if the settlement amount exceeds the balance owed at enrollment.

Best for affordability

What are the fees for New Era Debt Solutions? Their fees are between 14% and 23% of the total enrolled debts, which is the lowest among the debt settlement companies we evaluated.

New Era boasts an impressive customer satisfaction record, with an A+ rating from the Better Business Bureau and BBB customer reviews that consistently score near-perfect.

Best for larger debts

If you have a significant amount of consumer debt, Pacific Debt Relief may be a suitable option as it requires clients to have at least $10,000 in unsecured debt.

Pacific Debt Relief has successfully resolved over $500 million in unsecured debt since 2002, earning it one of the highest customer ratings among the companies we evaluated.

Best for tax debt

What is debt settlement?

Negotiating debts to reduce the amount owed is known as debt settlement. After an agreement is reached, the debt settlement company will pay the amount in a lump sum using the savings you've accumulated.

Paying less than you owe may seem like a good idea, but it can harm your credit score. Missing monthly payments while saving for a settlement can also negatively affect your credit score. Additionally, you'll need to pay taxes on the amount forgiven as income, and if you use a company, you'll have to pay a hefty fee typically between 15% and 25% of your enrolled debt.

How debt settlement works

Large unsecured debts, such as personal loans, credit card debt, and private student loans, can be reduced through debt settlement.

Typically, when you collaborate with a debt settlement company, you set aside funds in a designated savings or escrow account. After accumulating sufficient funds, the company will initiate contact with your creditors to negotiate lower amounts owed on your debts.

After an agreement is reached, the company will use the funds from your savings or escrow account to settle your debt, and you will pay a fee to the company you hired.

How to choose a debt settlement company

Consider a non-profit credit counseling service as an alternative to debt relief or settlement companies before making a decision.

The CFPB advises contacting your state Attorney General or local consumer protection agencies to check for any complaints about the company and to determine if the company is licensed in your state if necessary.

You'll want to beware of companies that:

• Charge upfront fees before settling debt
• Makes guarantees on debt settlement
• Tells you to stop communicating with creditors

When selecting a debt settlement company, it's crucial to evaluate the fees and ensure they cover the debt type. Additionally, reviews and customer satisfaction ratings should be taken into account.

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to managing their finances. Each debt relief review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of the debt relief industry. At CNBC Select, we maintain the highest journalistic standards and ethics, and we earn a commission from affiliate partners on many offers and links. However, our content is created independently, without any input from our commercial team or external third parties. To learn more about our methodology and how we select the best debt relief companies, please refer to our website.

Our methodology

Over a dozen U.S. debt relief companies were analyzed by CNBC Select to determine the best options.

We prioritized the following features when evaluating the top debt relief companies.

• We prioritized debt relief companies with the lowest fees and those who transparently disclose their costs on their websites.
• In order to obtain Better Business Bureau accreditation, companies must adhere to standards for transparency, honest advertising, trustworthiness, responsiveness, and privacy, among other requirements.
• We evaluated customer satisfaction by considering both the rating and the number of reviews provided on the BBB website.
• We evaluated the length of time a debt relief company has been in business when considering history.
• We prioritized states with more widely available service when considering the number of states where the service is available.

We took into account CNBC Select audience data, including demographics and engagement with our content and tools, when possible.

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