1. Home
  2. Cleveland Debt Consolidation

Best Debt Consolidation Loans in Cleveland, OH

Updated 10/12/2018

People these days are saving less and incurring more debt, including credit cards, medical bills and student loans. Debt consolidation combines these into a single loan payment, typically at lower interest rates. Our partners at ConsumerAffairs looked at the best companies for debt consolidation in Cleveland for those looking to reduce debt.

Powered by
#1 MOST POPULAR
National Debt Relief
National Debt Relief
VISIT WEBSITE
CALL FOR QUOTES
(844) 462-9121
Sponsored Ad Features
  • Debt consolidation
  • Debt negotiation
  • Bankruptcy
  • No upfront fees
Read More
#2
Consolidated Credit
Consolidated Credit
VISIT WEBSITE
CALL FOR QUOTES
(844) 342-2783
Sponsored Ad Features
  • Certified debt counselors
  • Debt consolidation
  • Budgeting help
  • No upfront fees
Read More
#3
Third Federal
Third Federal
Features
  • Home equity loans
  • Borrower resources online
  • Cash-out refinance
  • Apply online
Read More
Location:
7007 Broadway Ave.
Cleveland, OH 44105
(216) 429-5228
OneMain Financial OneMain Financial Features
  • Loans up to $30,000
  • Apply online
  • Several loan options
  • Military family support
Contact info
7560 Pearl Rd.
Cleveland, OH 44130
(440) 234-0200
Rabin & Rabin Co., L.P.A. Rabin & Rabin Co., L.P.A. Features
  • Hours may vary
  • rabinandrabin.com
Contact info
55 Public Square, Ste. 1750
Cleveland, OH 44113
(216) 539-8131
Luftman, Heck & Associates LLP Luftman, Heck & Associates LLP Features
  • M-F: 8am - 6pm
  • Closed Sat and Sun
  • ohiodebthelp.com
Contact info
580 E Rich St.
Columbus, OH 43215
(888) 366-5537
Telhio Credit Union Telhio Credit Union Features
  • M-F: 8am - 4:30pm
  • Closed Sat and Sun
  • telhio.org
Contact info
96 North 4th St.
Columbus, OH 43215
(614) 221-3233
Consolidate Debt USA Consolidate Debt USA Features
  • Available online
  • consolidatedebtus.net
Contact info
Online services only
Serves residents in Cleveland, OH
CareOne Debt Relief Services CareOne Debt Relief Services Features
  • Available online
  • careonecredit.com/debt-consolidation/ohio
Contact info
Online services only
Serves residents in Cleveland, OH
CreditGuard of America CreditGuard of America Features
  • Available online
  • creditguard.org/states/ohio/cleveland/
Contact info
Online services only
Serves residents in Cleveland, OH
ConsumerCredit ConsumerCredit Features
  • Available online
  • consumercredit.com/ohio
Contact info
Online services only
Serves residents in Cleveland, OH
DebtConsolidationCare DebtConsolidationCare Features
  • Available online
  • debtconsolidationcare.com/ohio
Contact info
Online services only
Serves residents in Cleveland, OH
Debt Reduction Services Debt Reduction Services Features
  • Available online
  • debtreductionservices.org/debt-consolidation/cleveland-ohio/
Contact info
Online services only
Serves residents in Cleveland, OH

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. News 5 may receive compensation from our partners. Learn more.

Powered by
×
#1
MOST POPULAR
National Debt Relief

Compare Quotes Now

VISIT NATIONAL DEBT RELIEF
Call today!
Call today!
(844) 462-9121
Sponsored Ad

The need for debt relief in Cleveland

cleveland debt consolidation skyline

Consumers can get into debt in many ways, including mortgage loans, auto loans, student loans, credit cards and medical bills. Lower interest debt, such as mortgages and auto loans, is secured with property. Credit card debt is seen as one of the most toxic debts because it is unsecured and has high interest rates.

Credit card debt in Cleveland

U.S. Ohio Cleveland
Average number of cards 3.1 3.02 N/A
Average amount of credit card debt $6,354 $5,843 $5,917
Delinquency Rate 7.1% 6.7% 7.4%

Debt quickly builds, especially relative to income. The median income in Cleveland is $27,551, significantly less than Cuyahoga County ($46,601), Ohio ($52,334) and the nation ($57,617). About 35 percent of the population in Cleveland lives below the poverty line compared to 12.7 percent nationally and 14.6 percent in Ohio.

Debt consolidation is a way to better manage and reduce debt (and your stress level). Multiple unsecured debts are combined into a debt consolidation loan. Debt consolidation companies facilitate this process for consumers and charge fees. Debt consolidation simplifies things by allowing you to have one single payment and one due date. The consolidation loan generally has a better interest rate, allowing for more manageable monthly payment and more of your payment going toward the principal amount.

The process may be a long-term commitment based on your situation. Your credit rating will drop initially; however, it will improve over time if spending habits improve and credit use is limited. Be sure you understand the fees you pay to the debt consolidation company.

Avoiding bankruptcy in Cleveland

Debt consolidation is a more favorable option than bankruptcy in the long run. Bankruptcy is a last resort when consolidation is not realistic because of too much debt and not enough income. Bankruptcy stays on your credit report for 10 years, leaving a very negative mark. Bankruptcy is a legal process overseen by the federal government that should be used only in dire circumstances.

National Debt Relief

National Debt Relief (844) 462-9121

CALL FOR QUOTES

A well-established national company, National Debt Relief specializes in alternatives to bankruptcy. They have an A rating with the Better Business Bureau. One customer explained that they open up a dedicated bank account specifically to be used for paying and tracking the debt consolidation.

VIEW ALL PLANS
Sponsored Ad

Consolidated Credit

Consolidated Credit (844) 342-2783

CALL FOR QUOTES

Consolidated Credit has 25 years of experience helping customers find effective solutions to their debt problems. Although not a loan company, their certified credit counselors can help you get lower interest rates and lower monthly payments and connect you to financial resources. Reviewers say their customer service is consistently excellent.

VIEW ALL PLANS
Sponsored Ad

Third Federal

Third Federal

M-Th: 7am - 4pm, F: 9am - 6pm

Sat: 9am - 1pm, Closed Sun

thirdfederal.com

A local bank headquartered right here in Cleveland, Third Federal offers debt consolidation. They emphasize using a home equity loan for the purposes of the consolidation. Customer reviews report that they are known for having low interest rates for borrowers.

OneMain Financial

OneMain Financial

M: 8:30am - 5:30pm, T: 8:30am - 7pm

W-F: 8:30am - 5:30pm, Closed Sat and Sun

onemainfinancial.com

OneMain Financial describes itself as the largest source of personal loans in the U.S. They have been in business for more than 100 years and have a local branch in the Cleveland suburb of Middleburg Heights. Overall reviews are positive; however, some suggest that borrowers must have very good credit.

Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.