Best debt relief companies (2024)

The current inflation rate may be lower than it was a year ago, but unfortunately, things aren't back to normal just yet. The inflation rate ticked back up again unexpectedly to 3.2% in February, according to the most recent inflation report. That rate is slightly higher than it was the month prior — and still above the 2% target rate set by the Fed.

With inflation still impacting the costs of consumer goods, some cash-strapped Americans are turning to credit cards to help cover their living costs, leading the total U.S. credit card debt to top $1 trillion. In turn, many people are dealing with high-interest credit card debt or other types of debt. But if you're struggling to pay off what you owe, the good news is that there are options available, includingdebt relief, to consider.

Debt relief companies offer a range of services to help you better manage your debt, including negotiating with creditors to reduce the amount of your debt. Before you contact any debt relief companies for assistance, though, it's important to do your homework to find the best, and most reputable, debt relief companies. To help you get started, here are our picks for top debt relief companies based on different categories to fit your needs. Start by exploring your debt relief options here now.

Best debt relief companies

Here are some of the best debt relief companies broken down into four categories.

• Best overall: Accredited Debt Relief
• Best for small debts: Freedom Debt Relief
• Best for large debts: National Debt Relief
• Best for credit card debt: Accredited Debt Relief

Best overall: Accredited Debt Relief

Accredited Debt Relief is our pick for the best overall debt relief company for its stellar reputation and ratings, experience and its focus on providing personalized options for its clients. The company, founded in 2011, has enrolled over 300,000 clients and resolved over $2 billion in debt. It has an outstanding 4.9 rating with Trustpilot(as of February 15, 2024) and an A+ grade with the Better Business Bureau (BBB).

Working with Accredited Debt Relief starts with a free phone or online consultation. A representative will work with you to determine the best option to address your unique financial situation. The firm provides multiple debt relief programs to tackle your unsecured credit card debt, typically lowering or eliminating it in 12 to 48 months —12 months quicker than many of its competitors.

The standard fee for Accredited Debt relief ranges from 15% to 25% of the debt you enroll in the service, but you're not charged until your debts are reduced.

Get started with Accredited Debt Relief here now.

Best for small debts: Freedom Debt Relief

Freedom Debt Relief is our selection for the best debt relief service for those with debts under $10,000. The firm has resolved over $15 billion in debt for over 850,000 clients over the last 20 years and has an A+ BBB rating and a 4.46-star customer feedback score. It also has a 4.6 rating on Trustpilot with over 41,000 reviews (as of February 15, 2024).

Freedom Debt Relief aims to help with unsecured debts like credit cards, personal loans and medical bills. The company negotiates with your creditors to reduce the amount you owe and help you get out of debt. According to the firm, clients with at least $7,500 in debt resolve it within two to five years. Freedom Debt Relief charges 15% to 25% of the enrolled debt with no upfront fees, and you won't pay anything until you've agreed to a settlement.

Learn more here now.

Best for large debts: National Debt Relief

If you're buried under significant debt, National Debt Relief is a reputable debt relief company that can help you find financial relief. Since 2009, they've helped over 600,000 clients get out of debt for debt amounts of up to $100,000 and more. They earned an impressive 4.7-star Trustpilot rating(as of February 15, 2024) and an A+ with the BBB.

National Debt Relief offers different plans tailored to your situation and the firm claims you can regain your financial footing within 24 to 48 months. The company specializes in helping clients with high-interest debt reduce their balances by negotiating with their creditors. The fee for their services is 15% to 25% of enrolled debt and comes with a money-back guarantee.

Check your National Debt Relief options here now.

Best for credit card debt: Accredited Debt Relief

Accredited Debt Relief, our top pick overall, also earns our recommendation as the best choice for cutting or zeroing out credit card debt. The company offers several solutions to tackle unsecured credit card debt, which can be completed in as few as 12 months.

Accredited Debt Relief can negotiate for a lower credit card balance and reduced fees, so you can pay off your debt for less than you owe. But if you're not keen on lowering your debt through debt settlement, the company can help you consolidate your credit card debt if your total credit card debt exceeds $10,000. Accredited Debt Relief offers a free online or phone consultation where a debt specialist can help you create a personalized plan to cut down your debt.

Get started here now!

Alternative options for debt relief

While debt relief companies can help you settle your debt for less than you owe and give your finances some breathing room, they're not your only choice. Here are some alternative options to help manage your debt.

• Apply for a 0% balance transfer card.With good credit, you may qualify to transfer your existing balances to a new card with an interest-free period of up to 21 months, which may give you enough time to put a significant dent in your debt.
• Take out a debt consolidation loan.This type of personal loan can combine up to $100,000 in high-interest credit card debt into one loan, ideally with a lower interest rate.
• Tap into home equity. If you own a home with equity, home equity loans and HELOCs offer you access to cash to pay off debt — or use it for any other purpose — by using the equity in your home as collateral.
• Consider credit counseling. An accredited, non-profit credit counselor can help you create a budget, manage debts and possibly lower your interest rates with a structured payment plan. When looking for a qualified counselor, consider those associated with the National Foundation for Credit Counseling (NFCC) or the Financial Consulting Association of America (FCAA).

The bottom line

Do your due diligence before working with any financial company, including debt relief firms. The Consumer Financial Protection Bureau (CFPB) suggests reaching out to your state attorney's office and local consumer protection agency to check for complaints against any company you're considering. If a debt relief company has a good record and you feel comfortable working with them, they may help you overcome your financial challenges, negotiate for lower debt balances and relieve your debt burden. Get started here now.