Freedom DR Review: Debt Consolidation
Freedom DR offers a consumer-friendly solution for managing debt. It’s a forward-thinking company that empowers people through education, support, and practical debt consolidation solutions. So, could Freedom DR be a good option for you? In this Freedom DR review, we’ll look at what the company offers to help you decide.
Transparency is a defining value of the company’s approach. For instance, Freedom DR played a leading role in establishing the American Fair Credit Council. The AFCC is an advocacy organization that strives to create more consumer-friendly debt consolidation policies.
Considering 55% of Americans who have credit cards also carry debt from month to month, the company’s debt consolidation program could be useful for many people. So far Freedom DR has helped more than 600,000 clients. And all said, the company has overseen the successful resolution of about $10 billion in consumer debt.
Pros and Cons of Freedom DR
- No upfront consolidation fees
- Well-known, established company
- Extensive educational resources
- Good credit isn’t required
- Credit counseling isn’t available
- Commonly causes credit scores to temporarily go down
What Does Freedom DR Offer?
The right debt solution for you depends on many factors: how much debt you’re carrying, what kind of interest rates you’re paying, and whether you’ve already tried to work with your creditors to find a solution. With this in mind, Freedom DR offers a complete range of services for different situations:
- A free, no-obligation review of your current debt situation
- Works with multiple types of creditors, including credit card companies, hospitals, certain private student loans, and accounts that have passed to collection agencies.
- Consolidation loans that relieve high-interest rates and consolidate multiple debts into one easy-to-manage account.
How Does the Debt Consolidation Process Work?
Programs are usually designed on timelines that range from 24 to 48 months. As a result, these programs can often help people get debt-free faster than they would otherwise.
In order to get specific, there are a few things to note about Freedom DR’s program:
- The dedicated account you pay into each month is covered by the Federal Deposit Insurance Corporation. You retain full control over the account, which has a handy online dashboard that makes it easy to track your progress.
- Freedom DR will only open talks with creditors at the right time. In many cases, this means building up your dedicated account’s balance to the point where the company can help you reach a lump-sum offer with your creditors.
- You must sign off on any deal Freedom DR works out on your behalf before it becomes official.
Who Is Freedom DR For?
Freedom DR can be a useful option for people:
- Struggling to make headway on high levels of credit card debt
- Carrying a burdensome amount of unsecured consumer debt
What Supplementary Resources Are Available?
While this Freedom DR review is primarily about the company’s debt programs, the company also provides extensive debt and financial literacy educational resources. Its blog tackles standard, trending, and niche subjects.
What To Expect on the Site
At its core, the Freedom DR program aims to help people get debt-free as quickly as possible. The program involves four stages:
- See If You Qualify: Take a brief questionnaire on the Freedom DR website. You’ll be asked a few basic questions, including your debt amount and contact information.
- Free debt evaluation: During a phone consultation, a certified debt consultant will assess your debt situation and explain your options if the company is able to help.
- Customized debt management program: If you decide to proceed, a dedicated account representative will work with you to create a personalized program built around monthly deposits into an account. The goal of the program is to relieve your debt as quickly as possible.
- Put the plan into action: As you build up a balance in your dedicated account, Freedom DR will approach creditors at a strategically advantageous time.
- Freedom from debt: The program continues until you no longer owe the creditors of your enrolled debt.
There aren’t upfront fees. Instead, Freedom DR charges a fee after getting your approval for the deal. Freedom DR says fees range from 15-25%. In summary, you:
- Don’t have any upfront or hidden fees to worry about
- Only pay a fee once your debt consolidation process is complete
What People Are Saying About Freedom DR
Freedom DR has an excellent Trustpilot rating. As of April 2021, it’s rated 4.6 out of 5 stars based on feedback from more than 33,000 customers who shared a Freedom DR review:
- 79% of customer reviews give Freedom DR 5 out of 5 stars
- 92% of customer reviews give Freedom DR at least 4 out of 5 stars
The Bottom Line
Freedom DR is an established company that’s been in the debt consolidation business since 2002. In that time, it’s helped people resolve more than $10 billion in debt.
Because the company takes its commitment to helping people get debt-free seriously, it offers support and resources throughout its program. Additionally, as we mentioned in this Freedom DR review, it doesn’t charge fees until your debt consolidation program is complete.
So, if you’re struggling with debt, it’s worth exploring Freedom DR as you compare top debt consolidation providers.