Pros Explained

• Highly rated by past clients: New Era Debt Solutions is well-rated by customers on Trustpilot, with 4.9 out of 5 stars, and the Better Business Bureau (BBB), with 4.94 out of 5 stars.
• Accredited by the International Association of Professional Debt Arbitrators (IAPDA): This company is certified by the IAPDA, an organization that provides debt relief training and certifications to debt settlement companies. 
• Slightly lower settlement fees compared to competitors: Debt settlement services often charge 15% to 25% or more of the debt, but New Era’s maximum fee is just a bit lower—it charges 14% to 23% of the initial debt, according to its website. 

Cons Explained

• No settlement fee guarantee: Some debt relief companies offer a guarantee if the cost of debt settlement exceeds the original amount of debt enrolled, but New Era Debt Solutions does not. 
• Only offers debt settlement services: This company only offers debt settlement. Those seeking 澳洲幸运5官方开奖结果体彩网:credit counseling or 澳洲幸运5官方开奖结果体彩网:debt consolidation will need to look elsewhere.
• No mobile app available to track progress: New Era Debt Solutions doesn’t offer a mobile app, like some other debt relief companies. You’ll need to visit the website to view your account and track progress.

How New Era Debt Solutions Works

New Era Debt Solutions works with consumers interested in debt settlement. It offers a free consultation, where you share information about your current debts and financial situation. If you decide to move forward with the company's program, it’ll contact your creditors to attempt to negotiate a settlement.

You’ll be required to make monthly deposits into a savings account. The balance in that account will be used to pay off your debts if New Era successfully negotiates settlements with your creditors. This company requires a minimum of $10,000 in unsecured debt to qualify for its debt settlement pr⛦ogram, according to customer support.

If a debt is successfully settled, New Era chargꦆes a fee of 14% to 23% of the initia💞l amount of that debt.

Accreditations

New Era Debt Solutions is a certified member of the International Association of Professional Debt Arbitrators. It also holds a 澳洲幸运5官方开奖结果体彩网:Better Business Bureau accreditation and has an A+ rating, although BBB accreditations and ratings are mostly indicative of how the company interacts with the BBB, rather than the company’s performance.

How to Enroll With New Era Debt Solutions

The process of enrolling with New Era Debt🌼 Solutions is as follows:

1. Have a free initial consultation with a 澳洲幸运5官方开奖结果体彩网:debt relief counselor.
2. If you decide to move forward, you choose the debts you’d like to enroll.
3. Begin making monthly payments to an escrow account.
4. The New Era Debt Solutions team will begin negotiating with creditors on your behalf to settle your debt for less than you owe.

Types of Debt Addressed

Most debt settlement companies only address 澳洲幸运5官方开奖结果体彩网:unsecured debt, New Era Debt Solutions included. Unsecured debt isn’t backed by an asset like your home or vehicle. Mortgages, 澳洲幸运5官方开奖结果体彩网:federal student loans, and other types of secured debt aren’t eligible for debt settlement. Here’s a look at the types of unsecured debt the company may be able to settle🍃ꦓ for you.

Credit Card Debt

If you’re overwhelmed by credit card debt, this company can work with your credit card coℱmpanies to negotiate a settlement.

Private Student Loans

Likewise, it can help if you’re in default on your private student loans and w💮ould like to settle with your lenders.

Unsecured Loans

New Era Debt Solutions negotiates settlements on unsecured loans and credit lines, which include personal signature loans and personal 澳洲幸运5官方开奖结果体彩网:lines of credit.

Expected Cost

Debt settlement companies often charge a fee that’s structured as a percentage of the initial or settled debt. While some competitors charge up to 30%, New Era Debt Solutions’ fees range from 🗹45% to 23% of your initial debt.

Expected Relief Amount

Individual results vary when it comes to debt settlement, and creditors aren’t obligated to agree to a settlement at all. That said, New Era Debt Solutions indicates that past customers have settled for 47.77% of their enrolled debt balance, on average. This figure doesn’t account for New Era Debt Solutioܫns’ fees, however, which can be signif🅷icant.

Expected Time to Complete the Program

New Era Debt Solutions says it takes participants an average of around 28 months to complete their debt settlement programs. That said, the timeline for completing a debt settlement pro𒐪gram depends on several factors, including your total debt, whether creditors are willing to accept a settlement, and how much you can set aside each🅠 month for payments.

Additional Services

Unlike some competitors, New Era Debt Solutions only offers debt settlement services. You cannot consolidate debt, access credit counseling, or enroll in a 澳洲幸运5官方开奖结果体彩网:debt management plan through this company.

Client Dashboard

New Era Debt Solutions offers an online dashboard where you can view yඣour account information and track your progress. You’ll need ꦅto request a personalized link from the company to access it.

Customer Service

You can contact this company’s customer service te🌱am through a few different ch🌠annels.

Customer Satisfaction and Reviews

Past New Era Debt Solutions customers have positive things to say overall. On Trustpilot, the company has a 3.9-star (Excellent) rating across over 4000 reviews, with many past customers praising its helpful service and transparency. Sentiments on the BBB are similar, with reviewers giving the company 4.94 out of 5 stars. Positive reviews mention clear processes and guidance from representatives.

The company has no complaints in the CFPB complaint database. 

New Era Debt Solutions vs. National Debt Relief vs. Freedom Debt Reliꦕef

Is Debt Settlement Worth It?

Debt settlement may not be worth it if you would instead benefit from credit counseling or a formal debt management plan. Companies offering debt settlement services typically charge high fees and there’s no guarantee they can settle your debt for less than you owe. Alternatively, you could negotiate balances with your creditors yourself. Just keep in mind that no matter your approach, settling your debts will 澳洲幸运5官方开奖结果体彩网:negatively impact your credit.

Despite all this, debt settlement may be worth the cost if you’re feeling completely overwhelmed. A debt settlement company can serve as a negotiation partner, taking some of the burden of addressing your debt off your plate. 澳洲幸运5官方开奖结果体彩网:Compare debt settlement to ban꧋kruptcy, b🤡ecause although bankruptcy has severe consequences as well, it may be less c🍷ostly overall.

Is Debt Relief Through Debt Settlement Taxable?

Per the Internal Revenue Service, debt forgiveness throu🅷gh debt settlement is💟 generally taxable. You’ll need to report the amount 🉐of your canceled debt as ordinary income on your 1040 form when you file your taxes. Depending on the amount of your debt settlement, you might receive a (cancellation of debt) form indicating the amount of debt canceled and the date of cancellation.

The Bottom Line

For those seeking debt settlement, New Era Debt Solutions provides a compelling offering. The company has relatively low fees and is tranꩵsparent about its services, the average amount of debt resolved, and the average timeframe for completion. 

However, the company doesn’t offer other programs or services to help you get out of debt. If you aren’t at a point where you need debt settlement and are instead 澳洲幸运5官方开奖结果体彩网:seeking credit counseling or a 澳洲幸运5官方开奖结果体彩网:debt management plan, another company would be a better c✃hoice. 

Frequently Asked Questions (FAQs)

Is New Era Debt Relief Legit?

Yes, New Era Debt Solutions is a legitimate company that’s been in business since 1999. It provides 澳洲幸运5官方开奖结果体彩网:debt settlement services and has a good reputation with past custo🐻mers. It’s certified by the IAPDA, and the company indicates it’s helped customers resolve over $275 milli꧅on in debt.

Where Is New Era Debt Solutions Available?

New Era Debt Solutions offers debt settlement services in 47 outꦆ of 50 U.S. states. It does not operate in Iowa, Maine, and Oregon.

Is New Era Debt Solutions a Good Choice?

New Era Debt Solutions has excellent reviews, indicating that many customers are pleased with the debt relief services they receive. The company also has an average debt settlement time of under 28 months, which is faster than some competitors. It does not disclose its fees online, but Investopedia ཧresearch found the average cost of its services is on par with or less than other debt relief options.

What Are Alt🃏ernatives to New Era Debt Solutions?

Some other high-ranking debt settlement companies, according to Investopedia research, are , , and . The 澳洲幸运5官方开奖结果体彩网:best debt relief company for you will depend on your personal situation and the type of debt you are trying to pay off. It’s also worth looking into 澳洲幸运5官方开奖结果体彩网:credit counseling and 澳洲幸运5官方开奖结果体彩网:bankruptcy. One of these might be preferable to deb😼t settlement.

How We Determine the Best Debt Relief Companies

To determine the best debt relief companies, we reviewed various databases, competitive analyses, consumer behavior, and ꦗmore, ultimately narrowing down the list to 40 companies that offered debt settlement and/or credit counseling services. We developed a quantitative model in which we identified 53 important criteria across five categories. We weighted each category as follows for this article:

• Costs and fees: 41.00%
• Availability: 22.50%
• Reputation and stability: 19.00%
• Customer experience: 9.50%
• Services: 8.00%

We then gathered data for the 53 criteria directly from companie🐽s via websites, media contacts, and existing partnerships. Data was collected between Oct. 19, 2023, and Dec. 18, 2023. This resulted in over 2,000 data points in our rubric, which we used to score and determine the best debt relief companies (including debt sett𓆏lement and credit counseling services) for people looking to manage and get out of debt.

To learn more about our process for finding the best debt relief companies, read our 澳洲幸运5官方开奖结果体彩网:full methodology.