Debt Relief
- No upfront fees
- Experienced team
- Free debt analysis
- Unclear minimum debt requirements
- Not available in Iowa, Maine, or Oregon
- Unclear fee structure
| Min. debt required | Not disclosed |
| Fees | None upfront, 15% – 25% after settlement |
| Timeline | 3 years or less |
New Era Debt Solutions helps people navigate high debt and negotiates with creditors on their behalf. The company has settled more than $275 million in debt for clients since 1999 and has an A+ rating on the Better Business Bureau. There is no upfront fee, but you can expect to pay the industry standard 15% to 25% fee after the debt is settled.
Debt relief and settlement can give you a fresh start, but this lengthy process often results in a lower credit score, and debt relief is not guaranteed. That’s why it’s important to understand what you’re getting into before signing on with a company. Here’s what to know about New Era Debt Solutions.
Debt relief companies follow set industry standards. Programs last two to four years, during which clients stop paying creditors, causing credit scores to drop. Clients make monthly deposits into an FDIC-insured escrow account, which are used to fund settlements. The company negotiates lower payoff amounts and charges a 15% to 25% fee only after a settlement is reached. Reputable firms follow Federal Trade Commission (FTC) rules and belong to groups like International Association of Professional Debt Arbitrators (IAPDA) and American Association for Debt Resolution (AADR).
What New Era Debt Solutions offers
New Era Debt Solutions helps people who want to get out of debt and make their financial obligations more manageable. The personal finance company’s services cater to people who have been in debt for several months or years and need a way out. These are the company’s services.
Debt settlement
This service is for people who want to negotiate lower interest rates and principal on their debt. It’s great for credit card debt and various loans if you have fallen behind. New Era Debt will negotiate with creditors on your behalf. This route can make you debt-free sooner and allow you to avoid bankruptcy.
Debt management plans
New Era Debt Solutions can contact creditors and negotiate debt management plans that allow you to make more manageable monthly payments. You might also get a lower interest rate and fewer fees. It’s possible to pay off this debt within five years, but your timeframe will depend on your income, balance, and other factors.
Debt consolidation
Debt consolidation involves putting multiple debts under a single umbrella. This strategy can simplify your debt since you only have to worry about one monthly payment. You might also get a lower interest rate through debt consolidation, especially if you are consolidating credit card debt.
Debt reduction counseling
New Era Debt Solutions has certified professionals who can provide proper guidance as you navigate debt. They can give you advice on approaching creditors if you want to follow the DIY route.
You will also receive personalized feedback and suggestions on keeping up with payments, such as establishing a budget and tracking your expenses. Having a financial mentor through these debt reduction counseling sessions can make the path feel more manageable.
Pros and cons of New Era Debt Solutions
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No upfront feesYou don’t have to pay New Era Debt Solutions until the company negotiates a debt settlement or relief on your behalf. The firm operates on a performance-based fee structure.
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Experienced teamNew Era Debt Solutions has been in business since 1999. The firm has settled more than $275 million for its clients.
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Free debt analysisYou can receive a free debt analysis and speak with a specialist before you commit to doing business with New Era Debt Solutions.
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Unclear minimum debt requirementsNew Era doesn’t specify the minimum amount of unsecured debt needed to qualify, so eligibility isn’t clear upfront.
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Not available in Iowa, Maine, or OregonResidents of these states can’t access New Era’s services, limiting availability for some borrowers.
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Unclear fee structureWhile fees are only charged after settlement, New Era doesn’t disclose how those fees are calculated or what percentage to expect.
How New Era Debt Solutions’ services work
New Era Debt Solutions will start by jumping on a free, no-obligation consultation with you to discuss your finances. You will also receive a free debt analysis during this call. If you decide to work with New Era Debt Solutions, you won’t have to pay any money until after they have reached an agreement with your creditors.
New Era Debt Solutions will contact your creditors on your behalf to negotiate debt settlement or relief. These negotiations can take multiple years, but you may be able to get out of debt faster if it works out.
Working with a company like New Era Debt Solutions makes the most sense if you don’t have enough time to negotiate on your own and don’t earn enough income to keep up with your debts.
Alternatives to New Era Debt Solutions
Choosing the best debt relief company can save you a lot of money and help you on the path to becoming debt-free. While New Era Debt Solutions is a great option to consider, it’s best to know all of your choices before committing to any debt solutions provider. These are some of the alternatives to New Era Debt Solutions.
National Debt Relief
National Debt Relief helps people renegotiate debt and offers a free, no-obligation debt relief consultation for anyone who is interested. You don’t pay any fees until your accounts are settled, and you can discover how quickly you can become debt-free through the free consultation.
The company has helped more than 550,000 customers navigate their debt and establish the foundation for becoming debt-free within a few years. National Debt Relief will work with you for most types of unsecured debt, such as credit card balances, personal loans, medical bills, and repossessions.
National Debt Relief has been in business since 2009. The company has an A+ rating on the Better Business Bureau and has an average rating of 4.7 stars from more than 42,000 Trustpilot reviews.
Freedom Debt Relief
Freedom Debt Relief helps people pay off their debts and improve their finances. The company has a 4.6 Trustpilot rating from more than 44,000 reviews, which comes along nicely with an A+ rating from the Better Business Bureau.
More than one million people have worked with the company’s certified professionals to pay off debt and get back on track. The firm has resolved more than $20 billion in debt over its 22-year history.
Freedom Debt Relief claims that it can work with your creditors toward debt relief or settlement in as little as 24-48 months.
Recap of our New Era Debt Solutions review
| Company | Benefits | What to know | |
|---|---|---|---|
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No upfront fees, experienced team, free debt analysis | Not available in every date, unclear min. debt requirement |
