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Find the Best Debt Consolidation in Billings, MT

Debt relief companies help consumers reduce or refinance their debt in order to make repayment easier. The Billings Gazette has partnered with ConsumerAffairs to create this guide by comparing reviews, services areas, and available services of more than 20 businesses and choosing seven favorites from the top debt consolidation companies in Billings.

Companies pay ConsumerAffairs to be accredited, and the Billings Gazette and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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Debt relief programs in Billings

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Though the average credit score in Billings is higher than the national average, there are still many borrowers here who can benefit from debt relief services. There are two main types of debt relief available in Billings: debt consolidation and debt settlement.

Debt settlement may be the right option for some, while debt consolidation may be more appropriate for others. Debt settlement is the act of negotiating with creditors to settle your debt for less than what you owe. Debt consolidation allows you to combine debts from several creditors into one single loan with a more manageable interest rate and term.

Billings residents receive debt relief services in person through local companies or online through nationwide debt relief providers. When working with an online-only debt relief company, it’s critical to thoroughly research the company and read its consumer reviews to ensure its legitimacy.

Debt relief requirements in Billings

In order to be eligible for debt settlement, most companies require you have at least $7,500 in unsecured debt. Secured debts, like your mortgage and auto loan, and specific debts, like back taxes, child support or insurance policies, are not eligible for debt relief.

Additionally, most debt relief companies require a minimum credit score of 500 for debt consolidation. Debt settlement doesn’t have a minimum credit score requirement.

Debt relief costs in Billings

The costs of debt settlement and debt consolidation services in Billings vary, depending on the amount of debt people owe. For example, if you owe around $40,000 in unsecured debt, some debt settlement companies charge a service fee of about $6,000 to $8,000— roughly 15% to 20% of your total debt. Others may charge a percentage of the eliminated debt.

Consumers in Billings who choose to consolidate their debt pay interest on the new loan each month. This is why decent credit is so important for debt consolidation. If your new interest rate isn’t lower than your old ones, you probably won’t save money through debt consolidation. People interested in debt consolidation should also ensure they understand the rates, terms and fees associated with their new loan.

Billings debt relief FAQ

Do debt relief companies hurt your credit score?

Yes, but your score can recover. Taking out a debt consolidation loan will temporarily affect your credit score after the hard credit check. Debt settlement shows on your credit report for up to seven years, but the negative impact is not as strong as after a bankruptcy.

What questions should I ask a debt settlement company?

Before working with a debt settlement company, be sure to ask:

  1. Will all of my creditors work with your company?
  2. What are your fees?
  3. Can you tell me how long this will take and how much it will cost?
  4. Can I be sued during this process?
  5. Are there tax consequences for settling my debt?
  6. Are there alternatives to settling my debt?

Can I get a loan after debt settlement?

Consumers with a debt settlement on their credit report are usually unable to qualify for unsecured loans. So, while it is possible to get a loan after a debt settlement, the loan will likely require significant collateral and a higher interest rate.

Is debt consolidation risky?

Debt consolidation is only risky if you’re unable to make your new loan payments consistently. If you struggle with making payments every month, debt settlement may be a better option for you, despite the toll on your credit.

Is debt relief a good idea?

Debt relief can help some consumers get out of debt easier, but its drawbacks sometimes outweigh its advantages. Weigh the pros and cons based on your situation and do your research beforehand to avoid debt relief scams.

Billings debt relief company information

Accredited Partner

National Debt Relief

National Debt Relief offers a variety of online tools to help Billings residents get in control of their debt. This company gives all potential customers a free savings estimate with no upfront costs or obligations. Online reviews mention friendly, professional customer service and how National Debt Relief helped reduce clients’ payments and stop harassment from debt collectors.

National Debt Relief Learn More
Accredited Partner

Freedom Debt Relief

Many Billings residents with unsecured debt choose to work with Freedom Debt Relief. This company not only helps them manage existing debt but also trains them to manage their finances better in the future. Online reviews reflect a general satisfaction with Freedom Debt Relief’s customer service, affordability and program length.

Freedom Debt Relief Learn More (855) 381-0979
Accredited Partner

CreditAssociates

Reviewers commonly say that CreditAssociates is upfront and honest during every step of the debt settlement process. CreditAssociates’ average debt settlement plan lasts around 24 to 36 months, and clients work with professional credit experts throughout their entire settlement process.

CreditAssociates Learn More
Accredited Partner

Accredited Debt Relief

Accredited Debt Relief creates personalized debt settlement programs for people struggling with debt nationwide. Accredited Debt Relief also offers Billings residents a variety of debt-related services, including debt consolidation, credit counseling and financial guidance. Get started with Accredited Debt Relief by visiting its website and starting your free consultation.

Accredited Debt Relief Learn More (877) 566-8703
Accredited Partner

Pacific Debt

Pacific Debt specializes in debt settlement and has an online debt calculator to help you estimate your potential savings. Online reviews report a high satisfaction rate for the cost and the quality of services.

Pacific Debt Learn More (619) 492-9990

Big Sky Financial

Big Sky Financial provides debt consolidation loans in addition to credit repair and other lending services. This company processes loan applications in 24 to 48 hours, and it can even refer you to attorneys if you have legal issues. Big Sky Financial’s office is located at 4047 Montana Ave., Billings, MT 59101.

Big Sky Financial

Money Fit

Money Fit is a nonprofit organization offering debt management plans. It also provides free budget counseling, credit report reviews, student loan repayment evaluations and financial education materials. Money Fit is a national company with offices in Idaho, New York and Oklahoma, but Billings residents can take advantage of its services online.

Money Fit