Debtmerica focuses on debt consolidation services and helps you transform burdensome debt into more manageable payments. To start working with Debtmerica, you fill out the automated worksheet on the company website with your total amount of debt, state you live in and contact information. A senior debt professional will then contact you with a free estimate.
To qualify with Debtmerica, you must have at least $10,000 in unsecured debts, though this number may vary depending on where you live and what kinds of debt you have. This is more than New Era, which has no minimum and Premier which has a minimum of $1,000. Qualifying debts include credit card debt, medical bills and other lines of unsecured credit. Some loan consolidation loans do not deal with all debts, for example student loan consolidation and payday loan consolidation are often not options. Each account is handled on a case-by-case basis, and the debt professional who contacts you should provide all of this information upfront.
Other information that Debtmerica should legally share with in is the length of your program. While this may vary once you begin, you should be given a good estimate before you enroll for a consolidation program. On average, Debtmerica's consolidation programs take between 24 to 48 months, which is well within the industry average timeframe.
Debtmerica does not charge advanced fees as required by FTC law, nor does it try to find loopholes by charging consultation fees or account maintenance fees. Once Debtmerica successfully negotiates with your creditors, it charges a fee of 20 to 24 percent of your total enrolled debt. On average, savings after fees are 29 percent, which is lower than what other services offer. During your program, you may be instructed to stop directly paying your creditors and to put your money into an FDIC-insured savings account; this money will later go toward paying your creditors and Debtmerica's fees. While this is common practice, it is important to note that you are still responsible for your debts, late fees and accounts sent to collections. While Debtmerica can attempt to lessen the calls from those you owe money to, this is often not possible.
This service has an excellent rating with business-rating entities and few customer complaints. More importantly, Debtmerica is AFCC and IAPDA accredited. These accreditation agencies are private companies that work as consumer advocates to ensure debt relief companies adhere to FTC regulations.
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The company website has useful information about debt consolidation and the risks of consolidation loans for bad credit. Additionally, an incredibly useful top articles section provides tips for maintaining a debt-free life. Articles in this section include how to avoid debt and how to effectively manage your credit.
This bill consolidation company has a solid reputation and accreditations from industry-specific agencies. Furthermore, the company's website has useful articles and information to help you stay out of debt and manage your finances more effectively.
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