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Best Debt Consolidation in Cleveland, OH

Oct. 22, 2019, 4:53 p.m.

People these days are saving less and incurring more debt, including credit cards, medical bills and student loans. Debt consolidation can use settlement talks with your creditors as a strategy. Our partners at ConsumerAffairs looked at the best companies for debt consolidation in Cleveland for those looking to reduce credit card debt.

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#1
MOST POPULAR
National Debt Relief

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VISIT WEBSITE
CALL FOR QUOTES
(844) 462-9121
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#1 MOST POPULAR
National Debt Relief
National Debt Relief
Features
  • Minimum $10,000 credit card debt required
  • Debt settlement negotiation
  • Debt consolidation loan alternative
  • No upfront fees
Read More
VISIT WEBSITE
CALL FOR QUOTES
(844) 462-9121
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#2
CreditAssociates
CreditAssociates
Features
  • Minimum $10,000 credit card debt required
  • Reduce the amount you owe
  • Debt consolidation loan alternative
  • Free Debt Analysis and consultation
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VISIT WEBSITE
CALL FOR QUOTES
(888) 492-5184
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#3
Freedom Debt Relief
Freedom Debt Relief
Features
  • Free, no-risk debt relief consultation
  • Debt consolidation loan alternative
  • Minimum $15,000 credit card debt required
  • Will negotiate for reduction of your debts
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VISIT WEBSITE
(866) 515-6714
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#4
Debt Rx
Debt Rx
Features
  • Minimum $10,000 credit card debt required
  • Free, no obligation debt analysis
  • Tailored debt solutions for each customer
  • Services offered in Spanish
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#5
Third Federal
Third Federal
Features
  • Home equity loans
  • Borrower resources online
  • Cash-out refinance
  • Apply online
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Location
7007 Broadway Ave.
Cleveland, OH 44105
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OneMain Financial
OneMain Financial
Features
  • Loans up to $30,000
  • Apply online
  • Several loan options
  • Military family support
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Location
7560 Pearl Rd.
Cleveland, OH 44130
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Rabin & Rabin Co., L.P.A.
Rabin & Rabin Co., L.P.A.
Features
  • Hours may vary
  • rabinandrabin.com
Location
55 Public Square, Ste. 1750
Cleveland, OH 44113
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Luftman, Heck & Associates LLP
Luftman, Heck & Associates LLP
Features
  • M-F: 8am - 6pm
  • Closed Sat and Sun
  • ohiodebthelp.com
Location
580 E Rich St.
Columbus, OH 43215
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Telhio Credit Union
Telhio Credit Union
Features
  • M-F: 8am - 4:30pm
  • Closed Sat and Sun
  • telhio.org
Location
96 North 4th St.
Columbus, OH 43215
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Consolidate Debt USA
Consolidate Debt USA
Features
  • Available online
  • consolidatedebtus.net
Location
Online services only
Serves residents in Cleveland, OH
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CareOne Debt Relief Services
CareOne Debt Relief Services
Features
  • Available online
  • careonecredit.com/debt-consolidation/ohio
Location
Online services only
Serves residents in Cleveland, OH
Get matched today
CreditGuard of America
CreditGuard of America
Features
  • Available online
  • creditguard.org/states/ohio/cleveland/
Location
Online services only
Serves residents in Cleveland, OH
Get matched today
ConsumerCredit
ConsumerCredit
Features
  • Available online
  • consumercredit.com/ohio
Location
Online services only
Serves residents in Cleveland, OH
Get matched today
DebtConsolidationCare
DebtConsolidationCare
Features
  • Available online
  • debtconsolidationcare.com/ohio
Location
Online services only
Serves residents in Cleveland, OH
Get matched today
Debt Reduction Services
Debt Reduction Services
Features
  • Available online
  • debtreductionservices.org/debt-consolidation/cleveland-ohio/
Location
Online services only
Serves residents in Cleveland, OH
Get matched today

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

CALL FOR QUOTES

(844) 462-9121 VIEW ALL PLANS

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.

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CreditAssociates

CreditAssociates

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(888) 492-5184 VISIT CREDITASSOCIATES

For debt relief solutions, CreditAssociates works to settle debt in 24 to 36 months. Good credit is not required and customers get a free, no obligation consultation by speaking to trained advisors who are experts in negotiating down debt. Customer reviews speak highly of agents for being professional, helpful and communicative.

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Freedom Debt Relief

Freedom Debt Relief

(866) 515-6714 VISIT FREEDOM DEBT RELIEF

The goal of Freedom Debt Relief is to resolve your debt for much less than you owe, as quickly as possible. The process starts with a personal phone call with a certified debt consultant who reviews your options, then can set up a customized plan with payments you are comfortable with. Clients can then view their progress 24/7 through the online dashboard.

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Debt Rx

Debt Rx VISIT DEBT RX

Debt Rx is an experienced debt settlement company. They work with people having $7,500 or more in credit card debt. The company prides itself on being smaller than its competitors to better focus on personal service to find individual solutions for debt relief. For those behind on payments, Debt Rx may be the right prescription to ease the pain of being in debt.

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Third Federal

Third Federal

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

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.