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Find the Best Debt Consolidation in Sioux City, IA

Housing costs, student loans and credit card bills, combined with high tax rates, make it hard for Sioux City residents to get out of debt. The Sioux City Journal has partnered with ConsumerAffairs to create this guide by comparing debt relief options, customer reviews and service areas of 13 businesses and choosing six favorites from the top debt relief companies in Sioux City.

Companies pay ConsumerAffairs to be authorized, and the Sioux City Journal 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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Compare Sioux City Debt Relief Companies

Options for debt relief in Sioux City

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There are two main types of debt relief companies: debt settlement companies and debt consolidation companies. If you’re struggling with debt, both types of debt relief can be helpful, depending on your situation.

Debt settlement companies negotiate with your creditors to lower your total debt. They usually don’t require a minimum credit score, but they do require a minimum amount of debt — often $7,500 or more. When you sign up for debt settlement with a debt relief company in Sioux City, you stop making payments to creditors, and instead make payments to an escrow account. The debt settlement company uses the funds to negotiate with your creditors. It takes about two to four years to complete debt settlement.

Unlike debt settlement companies, debt consolidation companies usually require you to have a credit score of 600 or higher, since you are taking out a loan. With a debt consolidation loan, you still pay the entire debt you owe, but you combine all dues to creditors into one manageable, monthly payment — sometimes at a lower interest rate.

What to consider before choosing debt relief in Sioux City

It’s important to make sure you’ve taken time to research a company before you commit to its debt relief program. Many companies have a minimum amount of unsecured debt you must have to qualify, as well as a minimum credit score requirement.

Most debt relief companies offer free consultations, where you go over your debt with specialists. At this meeting, you should ask about the following:

  • The company’s experience with people in similar situations
  • The type of debt relief you qualify for
  • The cost of debt relief
  • How long it will take to complete a debt relief plan
  • The effect on your credit

Debt relief cost in Sioux City, IA

Debt settlement companies charge a percentage of the debt you settle, which usually ranges from 15% to 25%. Some may charge a percentage of your original debt amount. If you take out a debt consolidation loan, you owe fees associated with loans, including an origination fee and interest charges.

A debt relief specialist will explain the cost of a debt relief plan during your phone or in-person consultation.

Sioux City debt relief FAQ

Do debt relief companies hurt your credit score?

Enrolling in a debt relief program will cause your credit score to drop, but as long as you take steps to stabilize your finances, your score can recover in the long run. Bankruptcy, another form of debt relief, has a more severe effect on credit scores than debt settlement or debt consolidation.

What questions should I ask a debt settlement company?

Questions to ask a debt settlement company include:

  • What are your fees?
  • What certifications do you have?
  • What is your success rate of debt settlement? What percentage of debt do you ordinarily settle?
  • What can I expect during the debt settlement process?
  • How do I make payments while you are negotiating with creditors?
  • What effect will debt settlement have on my credit?

Can I get a loan after debt settlement?

Yes, but probably not right away. Debt settlement will negatively impact your credit score, so it may take some time to achieve a solid credit standing again and qualify for a loan.

Is debt relief a good idea?

Everyone’s situation is different, but if you are consistently missing payments, struggling to get out of debt and getting contacted by creditors, debt relief is worth your consideration. There may be steps you can take before you settle or consolidate; think about visiting a credit counselor first for advice and financial resources. The Federal Trade Commission has tips for choosing a credit counselor.

Sioux City debt relief company information

National Debt Relief

National Debt Relief has a variety of online tools to help Sioux City residents get in control of their debt. The company offers a free savings estimate and has no upfront cost or obligations. Sioux City residents rave online about the friendly and professional customer service and National Debt Relief’s ability to help them reduce their payments and eliminate harassment from debt collectors.

National Debt Relief Learn More

Accredited Debt Relief

Accredited Debt Relief offers Sioux City residents a variety of debt-related services, including financial counseling and debt settlement. Sioux City residents praise its customer service; many report that the representatives help them feel confident and hopeful for a debt-free future.

Accredited Debt Relief Learn More (877) 566-8703

Freedom Debt Relief

Many Sioux City residents in debt find freedom with Freedom Debt Relief. Freedom Debt Relief not only helps manage existing debt, but trains customers on how to better manage their finances. Online reviews indicate a general satisfaction with customer service, affordability and the time it takes to pay off debt.

Freedom Debt Relief Learn More (866) 515-6714

Siouxland Federal Credit Union

Siouxland Federal Credit Union offers local debt consolidation services through personal loans. It’s a great option for consumers who want to work with a local company that provides in-store services. Siouxland Federal Credit Union has branches around the city, including one at 2920 Gordon Drive, Sioux City, IA 51105.

Siouxland Federal Credit Union

Center for Siouxland

Center for Siouxland is a nonprofit organization that provides credit counseling and other helpful financial services to Siouxlanders. Center for Siouxland has consumer credit counselors available to assist you, as well as help you enroll in a debt management plan if necessary. Its address is 715 Douglas St., Sioux City, IA, 51101.

Center for Siouxland

Telco Triad Community Credit Union

Telco Triad Community Credit Union has been providing financial services since 1945 and has close to 15,000 members. It offers personal loans for multiple purposes, including debt consolidation. The address for its main location is 1420 Tri View Ave., Sioux City, IA 51103.

Telco Triad Community Credit Union