Best Debt Management Companies

Debt management companies provide tools and services to help individuals consolidate and manage their debts. We explore their role, top firms in the sector, and tips to choose the right one.
Written by
Matthew Levy
Last Update on Oct 12, 2023


Debt has become a huge part of many individual’s lives in recent decades. One type of business that has gained lots of traction is debt management companies, which offer specialized services designed to assist people in navigating their debt situations. Through a combination of consolidation, negotiation, and expert advice, these companies aim to make the debt repayment process more manageable. 

Managing debt effectively is a tool for financial well-being, but also for your mental and emotional health. Excessive debt can lead to distress, anxiety, and relationships breaking down. It can also affect your ability to make future financial decisions more complicated, like taking on a mortgage or a loan for a new vehicle. 

By offering solutions tailored to individual needs, these firms can mitigate the adverse effects of debt, clearing your path to financial freedom. As the number of people fighting off debt continues to rise, these companies will gain prevalence, so understanding their offerings and how they can help is important. 

Top Debt Management Companies

Company NameFeesFoundedBBB RatingNotable Features
American Consumer Credit Counseling (ACCC)$39 enrollment; $7 to $70 monthly1991A+Nonprofit, NFCC-accredited, Transparent fees, Client dashboard
Money Management International (MMI)$33 enrollment (avg); $25 monthly (avg)1997A+NFCC-accredited, 4.9 stars on Trustpilot, 7% avg interest reduction
Credit.org$0 to $50 enrollment; $0 to $75 monthly1974A+Long history, NFCC-accredited, Free courses, Chatbot
Debt Management Credit Counseling Corp.$50 enrollment (est); $27 monthly (est)1999A+FCAA-accredited, High customer satisfaction, Client dashboard
InCharge Debt Solutions$75 enrollment (avg); $33 monthly (avg)1997A+NFCC-accredited, Transparent fees, Focuses on credit card debt

American Consumer Credit Counseling (ACCC)

NFCC Accrediation
All 50 States
Notable Features
Nonprofit, Transparent fees, Client dashboard
$39 enrollment; $7 to $70 monthly
BBB Rating
Show More Details

American Consumer Credit Counseling (ACCC), established in 1991, is a distinguished nonprofit credit counseling agency. With an A+ accreditation from the Better Business Bureau, ACCC’s legacy is built on its commitment to assisting individuals through their debt journeys.


  • High customer satisfaction scores
  • Transparent and relatively inexpensive fees
  • Free budgeting advice
  • NFCC-accredited
  • The website offers helpful resources and a client dashboard


  • Limited physical locations (17 states & Washington, D.C.)
  • Counseling Center availability is restricted
Additional Details

ACCC’s approach has an emphasis on transparency. Their exhaustive FAQ page shows the ins and outs of their debt management program, tailored to aid those grappling with unsecured debts such as credit card dues, medical bills, signature loans, and collection accounts.

The fee structure at ACCC is both transparent and competitive. With an upfront enrollment fee of $39 and a monthly fee of $7 to $70, the organization ensures that its clients get the best fee possible. This affordability sets ACCC apart.

ACCC remains ahead of the curve today, offering a comprehensive digital platform, including online chat facilities, many educational resources, and a client dashboard for real-time progress.
They have physical branches in 17 states and Washington, D.C., but have an online presence across all 50 states.

Money Management International (MMI)

NFCC Accreditation
Client Satisfaction
4.9 Stars on Trustpilot
Average Interest Reduction
$33 enrollment (avg); $25 monthly (avg)
BBB Rating
Show More Details

Money Management International (MMI), founded in 1997, has a rich legacy tracing back to 1958, marking it as one of the longest-standing organizations in the debt management business. MMI’s reputation is solid with a commendable A+ from the Better Business Bureau and an impressive 4.9 out of 5 stars on Trustpilot.


  • Free initial debt and budget analysis
  • Available in all 50 states
  • 24/7 counseling availability


  • Charges fees for some services
  • Debt settlement may damage credit
Additional Details

MMI isn’t just about managing debt; it’s about guiding its clients toward a debt-free future, with most achieving it in under four years. Their debt management program caters to various unsecured debts with a tailored approach for every individual.

Financial transparency is a key attribute of MMI, but you must dig through their website to uncover specific fee details. On average, clients can expect an enrollment fee of $33 (capped at $75) and a monthly fee averaging around $24 (not exceeding $50). Fee structures can fluctuate based on state regulations. One of MMI’s highlights is the substantial reduction in interest rates for its clients, with the average rate coming in at 7% compared to those high credit card interest rates of 20%+. Their help often results in noteworthy credit score improvements, with an average increase of 60 points within the initial two years.

Education is at the heart of MMI’s mission. Their website contains valuable resources and material on debt management, ensuring clients receive service and gain knowledge. They also have free online debt counseling and the convenience of a live chat feature.


NFCC Accrediation
Client Rating
98% satisfied Customers
Notable Features
Nonprofit, Free courses, Chatbot
$0 to $50 enrollment; $0 to $75 monthly
BBB Rating
Show More Details

Established in 1974 under the moniker “Consumer Credit Counseling Service of the Inland Empire,” Credit.org carries with it a heritage of excellence in credit counseling. With a sterling A+ from the Better Business Bureau, the nonprofit’s stature in the industry is furthered by its NFCC accreditation.


  • High customer satisfaction scores
  • Offers educational resources on its website
  • Provides complimentary budgeting assistance
  • NFCC accredited


  • Closed on Saturday and Sunday
  • Must close all lines of credit on the plan
Additional Details

Credit.org’s core strength is handling unsecured debts, from credit card debts to minor medical expenses and collection obligations. Their commitment to client welfare is evidenced by the provision of free counseling and coaching sessions within their debt management program. This holistic offering extends beyond simply debt resolution, including tailored budgeting assistance and a debt repayment strategy.

Credit.org doesn’t explicitly reveal the associated one-time enrollment and monthly program administration fees on its website. However, it’s important to note that these costs are subject to state-based variations.

Education remains key to Credit.org’s mission, as reflected by the complimentary finance courses and seminars readily accessible on their website. Whether you’re a novice seeking foundational knowledge or someone aiming for a deeper dive, their resources are for diverse learning needs.

Debt Management Credit Counseling Corp.

FCAA Accrediation
Most States
Notable Features
Nonprofit, High Customer Satisfaction, Client Dashboard
$50 enrollment (est); $27 monthly (est)
BBB Rating
Show More Details

Opened in 1999, Debt Management Credit Counseling Corp. (DMCC) has evolved into a stable in the financial counseling business. Its credibility is furthered by its A+ standing with the Better Business Bureau. Strengthening its credentials further is the Financial Counseling Association of America accreditation.


  • High customer satisfaction scores
  • Offers educational resources on its website
  • NFCC accredited


  • Doesn’t disclose where it’s available
  • Isn’t transparent about fees
  • Closed Saturday and Sunday
Additional Details

DMCC’s specializes in its debt management plans to help clients clear their debts in five years or less. A testament to their commitment to customers is the work of certified credit counselors who guide clients.

However, DMCC’s approach to fee transparency is ambiguous. Their website refrains from disclosing the enrollment fees and exact monthly charges for their core debt management program.

There is a mention of a $27 monthly fee for a related debt reduction program, but the exact fees are set for each specific situation.

Their website has plenty of educational resources designed to enhance financial literacy for clients. They also have a client dashboard with real-time monitoring of your financial progress.

InCharge Debt Solutions

NFCC Accrediation
16 States
Notable Features
Transparent Fees, Focuses on Credit Card Debt
$75 enrollment (avg); $33 monthly (avg)
BBB Rating
Show More Details

InCharge Debt Solutions has been in the debt solution space since its inception in 1997. It has an A+ rating from the Better Business Bureau. A stellar 4.7 out of 5 stars on Trustpilot also vouches for its high client satisfaction. InCharge’s industry reputation is great, with its accreditation from the NFCC.


  • Transparent about fees
  • High customer satisfaction scores
  • Provides an account management dashboard
  • NFCC-accredited


  • Focuses solely on credit card debt
  • Higher-than-average enrollment fee
  • Not nationally available
  • Only one physical location
Additional Details

InCharge Debt Solutions specializes in offering debt management programs for a duration of 3 to 5 years. Their primary focus is on assisting clients with unsecured credit card debt.

When it comes to fee transparency, InCharge does well. The organization offers a clear breakdown, albeit with fees that vary by state. Clients can anticipate an average enrollment fee of $75, higher than its peers, with an average monthly fee of $33. Average interest rates are reduced to 8% overall for their clients.

Criteria for Evaluating Companies

Evaluating companies, especially in finance or debt management, is a difficult task that requires a defined set of criteria. The criteria will allow you to trust your organization to have the required expertise and a proven track record of success. 

Accreditation: The Mark Of Authenticity And Trustworthiness

The first thing you should look for is its accreditation status. Accreditation serves as an external validation of a company’s commitment to maintaining high standards and providing ethical operations. In many cases, it will mean the company has undergone an evaluation by a third-party body and has met or surpassed predetermined standards. 

Choosing an accredited company can add assurance for customers. It conveys the company uses best practices in the industry and maintains dedication to ongoing improvement and compliance. In addition, an accredited company typically has mechanisms in place for addressing any issues, which also helps with accountability. 

Customer Reviews And Feedback: The Voice Of Experience

The customers’ voice has never been heard louder than it is today. Customer reviews, testimonials, and feedback are great resources to see if a company performs well and whether it values its customers. Positive reviews can serve as endorsements, often indicating consistency and quality of services. 

Sometimes, a company will receive negative feedback, but you really want to watch for a pattern of recurring complaints as a red flag. Consider the overall rating, but also look into what has the company receiving negative feedback. 

Customer feedback can also enlighten specific experiences that may be applicable to your situation. This can be helpful in determining what to expect when you approach the business as a client. A company that also actively engages with reviewers, addressing concerns or accepting praise, can show commitment to its clientele as well. 

Benefits Of Using Debt Management Companies

Debts can be overwhelming, especially when juggling multiple creditors, interest rates, and due dates. But that is exactly where debt management companies can help. They provide specialized services, acting as intermediaries between consumers and creditors. There are a few benefits to partnering with companies. 

Consolidating Debt: Simplifying The Complex

One of the primary benefits of using a debt management company is the ease of debt consolidation. With several debts scattered across different creditors, it can be challenging to keep track of everything. Using a debt management company can streamline your financial burdens by consolidating your debts into a single monthly payment. 

The process involves the company often negotiating on behalf of the customer with each creditor, with the aim of combining all the outstanding amounts into one simplified payment plan. As a result, consumers get a more manageable consolidated monthly payment. 

Reduced Interest Rates And Waived Fees: A Lighter Burden

In addition to the single monthly payment, debt management companies often offer lower interest rates resulting in financial savings. They can often negotiate reduced interest rates with creditors given their industry experience, and use their established relationships with financial institutions to secure you more favorable terms. 

Consumers will often engage a debt management company to get rid of exorbitant interest rates, especially on unsecured debts like credit cards. With the intervention of a debt management company, rates can be significantly reduced, making the principal amount more managable. 

Sometimes as well, these debt management companies can negotiate fees such as late fees or over-limit charges to be waived. Over time, it can result in significant savings, which will accelerate your payment timeline. For many, this dual benefit is essential, and allows for a much lighter debt burden overall. 

Potential Risks And Drawbacks

Possible Fees Associated with ServicesWhile debt management companies offer valuable services, they aren’t always free. There can be enrollment fees, monthly service charges, or even fees for early termination of the program. Understand these costs upfront to avoid surprises.
Impact on One’s Credit ScoreEngaging with a debt management company can initially have a negative effect on one’s credit score. This is because, as part of the negotiated agreement, consumers might need to close credit accounts, which can impact credit history and utilization ratios. Over time, consistent payments can improve the score.

Alternatives To Debt Management Companies

Debt management companies offer a structured approach to handling debt but are not the only available option. You can also explore various avenues, such as Do-It-Yourself (DIY) debt management and credit counseling.

DIY Debt Management: As the name suggests, this involves you taking control of your debt repayment strategy. This method can be cost-effective since it avoids professional fees. It often involves budgeting, negotiating with creditors directly, and setting up a personal repayment plan. 

Credit Counseling: Credit counseling organizations offer guidance on managing money and debts, tailoring budgets, and usually provide free educational materials and workshops. They work with you to help you understand the nuances of your financial situation and provide tools and resources to alleviate debt concerns. Credit counselors can also set up debt management plans, but they emphasize education and personal finance management.

DIY Debt Management
  • No professional fees.
  • Customized plans based on personal preferences.
  • Full control over negotiations and decisions.
  • Requires discipline and organization.
  • Potential lack of expertise in negotiations.
  • Easy to fall off track without guidance.
Credit Counseling
  • Provides educational resources.
  • Offers tailored budgets and guidance.
  • Often nonprofit with a focus on consumer well-being.
  • Might come with fees for certain services.
  • Not all counselors are certified or reputable.
  • Might not suit complex debt situations.

Tips For Choosing The Right Company

Questions To Ask Potential Companies Before Signing Up

Engaging with a debt management company is a significant decision, often impacting your finances for years to come. Thus, it’s essential to ensure clarity before committing. Here are pertinent questions to arm yourself with:

  1. Credentials and Accreditations: “Is your company accredited by recognized institutions such as the NFCC?”
  2. Fee Structure: “Could you provide a detailed breakdown of all the fees associated with your services?”
  3. Service Scope: “Apart from debt management, what other financial services do you offer?”
  4. Client Testimonials: “Do you have any client testimonials or case studies I could review?”
  5. Cancellation Policy: “If I choose to discontinue, what’s the cancellation process, and are there any associated fees?”
  6. Success Rate: “What’s the average reduction in interest rates that your clients experience?”
  7. Custom Plans: “How do you tailor debt management plans to individual client needs?”
  8. Reporting: “How often will I receive updates on my account, and in what format?”
  9. Data Security: “How do you ensure the confidentiality and security of my financial data?”

Remember, any reluctance or evasion in answering should be a red flag. Your financial health deserves a partner who’s as committed to clarity and success as you are.

Frequently Asked Questions (FAQs)

What Exactly Does A Debt Management Company Do?

A debt management company works with you and your creditors to develop a debt repayment plan. This typically involves consolidating your multiple debts into one monthly payment, potentially at a lower interest rate, making it easier for you to pay off your debt over time.

How Does Using A Debt Management Company Affect My Credit Score?

While the impact can vary, enrolling in a debt management plan can lower your credit score initially because you might be asked to close credit card accounts. However, your score can improve over time as you consistently make payments and reduce your debt.

Are There Fees Associated With Using A Debt Management Service?

Yes, most debt management companies charge fees for their services. These usually include an enrollment fee and a monthly service fee. Understanding all costs upfront and comparing different companies before committing is essential.

How Long Do Debt Management Plans Typically Last?

Most debt management plans aim to help you be debt-free within three to five years. The duration depends on the total debt amount, circumstances, and terms negotiated with your creditors.

What’s The Difference Between Debt Management And Debt Settlement?

Debt management involves creating a plan to repay your debts in full, potentially at a lower interest rate. On the other hand, debt settlement is an approach where you or a company negotiate with your creditors to settle your debt for less than what you owe. Debt settlement can have a more significant negative impact on your credit score.

Can All Types Of Debt Be Included In A Debt Management Plan?

Typically, debt management plans focus on unsecured debt like credit cards, personal loans, and some medical bills. Secured debts, such as mortgages and car loans, usually aren’t included.

Are There Guarantees With Debt Management Companies?

No reputable debt management company can guarantee specific results. While many people benefit from these services, success largely depends on your commitment to the plan and your individual financial situation. Always be wary of companies making promises that sound too good to be true.

After graduating with a Bachelor of Science in Economics from the University of Victoria in 2010, Matthew developed a passion for helping clients meet their financial freedom through strong, risk-adjusted portfolios. Matthew also undertook and completed his CFA® charter in 2015, a rigorous professional credential program promoting the highest standards of education, ethics, and professional excellence in the investment profession.