We researched debt relief solutions to help you take control of your finances. The top debt consolidation companies in Tulsa are National Debt Relief, CreditAssociates and Freedom Debt Relief. We looked at upfront fees, consolidation fees and program length to determine which companies are the most popular among Tulsans looking for debt settlement.
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How we chose the best
We thoroughly researched debt statistics, settlement options and consumer reviews.
Over the course of the last decade, credit card debt both locally in Tulsa and nationally at large has been on the rise. As this number grows, more and more Oklahomans find themselves in need of debt relief.
In Tulsa, credit card debt is higher than both the national and state averages. While the average household income in Tulsa is higher than the state, it still falls well below the national average.
Average credit card debt
Average household income
For Tulsans, the median household income has not kept pace with the rising cost of living. In just the last year, the average household credit card debt has risen 3 percent. The delinquency rate on this type of debt for the state of Oklahoma is 1.78 percent, which is lower than the national average of 2.53 percent.
Debt from credit cards, medical bills, student loans, mortgages and car payments has caused many Tulsans to face some serious financial dilemmas. Fortunately, debt consolidation companies can help.
How to get out of debt in Tulsa
Your options for debt consolidation vary from state to state. Luckily, people in Tulsa have several options for finding debt relief. Here are some of the most popular ways Oklahomans get out of debt.
Debt consolidation: You can take out a debt consolidation loan to pay off all of your debts. Debt consolidation groups all your loans together in one place to make paying them easier.
Debt negotiation: You or a professional acting on your behalf will talk to your creditors and negotiate a lower payment. This method is also called debt settlement.
Counseling: You can meet with counselors who help you come up with a budget to help you focus on eliminating your debt.
Bankruptcy: Often a last-ditch effort, bankruptcy lets you completely wipe away most of your debts, sometimes liquidating many of your assets in the process.
What are the pros and cons of debt consolidation in Tulsa?
Debt consolidation is one of the easiest options Tulsans can use to eliminate their debt. Essentially, debt consolidation involves taking out one loan to pay your unsecured debts (medical debt, credit card debt and any other debt that isn’t tied to property) and then making payments on that loan. Debt consolidation simplifies your payment plan by condensing many payments into one that fits your budget.
There are plenty of places in Tulsa that can help you develop a debt consolidation program or negotiate a loan with your creditors. They will teach you how to consolidate debt and help you find the best repayment plan. However, there are a few side-effects you need to be aware of if you consolidate debt. Here are some pros and cons of debt consolidation to consider when you’re choosing a company.
Simplify your payments process
Pay more money due to long-term interest
No more calls from creditors
Payment plans last 2-5 years
Lower the loan principal amount
You need to change spending habits
Debt consolidation vs. bankruptcy
Debt consolidation is often a way to avoid bankruptcy. In 2017, there were a total of 2,529 bankruptcy filings in Oklahoma. This statistic includes both chapter 7 and chapter 13 bankruptcy filings. Chapter 7 bankruptcy involves liquidating your assets to pay your debts over the course of 3-6 months. Chapter 13 does not liquidate your assets, but it involves creating a payment plan over the course of 3-5 years.
On the surface it may seem like chapter 13 bankruptcy and debt consolidation are similar. The biggest difference is that under chapter 13, any additional income you gain must go toward your creditor repayment plan. With debt consolidation, you don’t have to pay anything other than your monthly payment. Additionally, bankruptcy will appear on your credit history for 10 years. Debt consolidation will impact your credit score in the short-term by causing it to go down, but exactly how much depends on the amount of debt you’re consolidating as well as the method of consolidation you use.
This is why it’s important to work with a professional debt consolidation company. People in Tulsa with a large amount of debt can contact the following companies and advisors to help them get a better handle on their finances.
National Debt Relief is one of the largest debt settlement and debt consolidation companies in the United States. The team of professionals at National Debt Relief are debt settlement specialists, trained to negotiate your debt to lower payments. Customers in Oklahoma praised National Debt Relief for superior customer service.
Freedom Debt Relief helps you find the right debt settlement program to fit your particular needs. You can set up your own payment plan, choosing how much money you pay and how often. Oklahomans who used Freedom Debt Relief enjoyed setting their own payment plans and mentioned that their debt counselors kept everything transparent.
A proprietary electronic debt settlement system combined with expert debt consultants makes Credit Associates an effective choice for debt relief. Reviews say that customer service is helpful and communicates well throughout the process, which lasts between two and three years. You can get a free consult with no obligation by contacting the company.
Accredited Debt Relief helps clients simplify their debt payment plans, whether they are buried in debt or they just want to lower their interest rates. They specialize in debt negotiation, and you can supplement most of their debt settlement plans with a debt consolidation loan. Clients in Oklahoma appreciated Accredited Debt Relief’s quick enrollment process.
With certified debt counselors to guide your debt settlement every step of the way, Pacific Debt charges no upfront fees until you get results. The company has helped settle more than $200 million in debt for clients. Reviews speak highly of having access to a personal account manager who can help set up an affordable payment plan.
An experienced debt relief company, Debt Rx helps those with $7,500 or more in credit card debt. Being smaller than its competitors allows the company to tailor solutions to your situation. Online reviews praise the customer service team for being good communicators while helping to reduce their debt.
Debt Reduction Services
Debt Reduction Services is a nonprofit organization that offers credit counseling, bankruptcy help and debt consolidation. Debt Reduction Services offers several different financial education programs to help people deal with different types of debt, including student loan debt. Clients appreciate the caring and professionalism of the staff.
CareOne Debt Relief Services
CareOne Debt Relief Services has been helping clients work their way out of debt for over 20 years. CareOne’s team knows that there’s no single solution to debt management, and they help find a personalized repayment plan to fix your debt. Clients found that these individual plans helped cater to and fix their particular debt problems.
Debt Consolidation Care
Debt Consolidation Care is an online company designed to help you find the right debt settlement company. Debt Consolidation Care is not a consolidation company, but rather a company built to match you with the right debt consolidation service. Clients find that Debt Consolidation Care’s online debt education resources are helpful.
Christian Credit Counseling
Christian Credit Counseling is a nonprofit counseling service that helps clients find a way out of debt. Christian Credit Counseling offers several different educational services, as well as personalized plans to help clients take control of their finances. Tulsans appreciate Christian Credit Counseling’s flexible hours and caring staff.
Debt Relief A La Carte
Debt Relief A La Carte was started by Jared Strauss, a former collection manager and operations director. Debt Relief A La Carte helps clients find the right debt relief program, whether they need a consolidation loan or a simpler repayment plan. Tulsans like working directly with Strauss to find the right debt settlement solution.
Money Management International Tulsa
Money Management International (MMI) is one of the nation’s largest full-service nonprofit debt and credit counseling agencies. MMI provides several different debt management and counseling services, including debt consolidation. Clients liked that they had an easy time accessing advice from professionals.
Reliance 1 Debt Relief
Reliance 1 Debt Relief uses a method of debt settlement called “bulk settlement.” They settle large amounts of debt at a time to streamline and simplify the debt settlement process. Reliance 1 puts customer service first, and Tulsans mentioned that the staff was quick to respond to any questions they had.
ConsumerAffairs content is intended to be used for general information purposes only. Before you make any investment, it is very important to do your own analysis based on your own personal circumstances and consult with your own investment, financial, tax and legal advisors.