NewEra Debt Solutions Review
New Era is a debt resolution company that helps people reduce their debt obligation and become debt-free. Since 1999, they’ve helped resolve over $250,000,000 in debt for their clients all across the United States.
They also have accreditation and an A+ rating from the Better Business Bureau, as well as an “Excellent” rating on Trustpilot based on 142 customer reviews.
New Era employs a team of in-house debt specialists to help people reduce their debt as quickly and inexpensively as possible.
On average, they help their clients arrange for an average of 42.87% of the account balance at the time of the agreement, meaning New Era can help reach an average of 57.13% debt reduction on the consumer’s behalf. This process takes New Era clients an average of 27.73 months to complete.
Additionally, New Era’s program has a very low dropout percentage at just 18.28%.
You’ll need to meet the following qualifications for New Era’s program:
- Have a legitimate financial hardship condition: Loss of income, medical issues, or divorce/separation, etc.
- Be committed to getting out from under your debt: New Era describes their debt resolution program as aggressive, so they encourage only those very serious about reducing their debt to enroll.
- Have your debts be primarily from credit cards: The program can help with most types of unsecured debt, including lines of credit, signature loans, repossession deficiencies, financing contracts, department store cards, and miscellaneous bills. The deepest discounts, however, are usually obtained with credit card debts.
- Have an adequate monthly budget: You must be able to build up funds for debt resolution at a reasonable pace. New Era recommends that you should be able to set aside roughly 1.5% of your debt level on a monthly basis.
Within their debt reduction program, New Era offers five main methods to choose from:
- Continue making minimum monthly payments: While it’s not the most effective method, they can help you to be able to continue making your minimum monthly payments.
- Credit Counseling or Debt Management: Credit counseling is a debt management program in which you make a single monthly payment to a credit counseling agency. In turn, that agency distributes the money to your creditors on your behalf, ideally at lower interest rates so you can pay off the debt faster. You still end up paying back 100% of your debt plus interest. These programs are designed to take 3 to 5 years and have very low completion rates.
- Debt Consolidation: With debt consolidation, you take out a larger, low-interest loan and use that money to pay off your higher-interest unsecured loans. This leaves you making a single monthly payment that is – in theory – lower than what you were paying for all of your credit card and other unsecured loans.
- Work With Creditors: This differs from the first two options in that the actual principal balance you owe is adjusted. Because you end up owing less, this can be a faster and less expensive option than either debt counseling or debt consolidation.
- Bankruptcy: For the individual who cannot meet his or her debt obligations, bankruptcy may be inevitable. A formal declaration of bankruptcy stops the creditor collection process, and the debtor no longer owes some or all of the unsecured debt.
You can either contact New Era directly if you understand which method best suits your situation, or you can get a free consultation from one of New Era’s debt specialists to help you choose. To instigate your consultation, called a Debt Analysis, you can either apply online or call New Era directly.
To apply online, you simply have to provide the following:
- First Name
- Last Name
- How much do you owe? (Less than 10,000 to More than 50,000)
After providing this information, a representative from New Era will then reach out to you to discuss your options.
In accordance with the Federal Trade Commission (FTC), New Era’s pricing structure is based completely on performance.
This means that New Era does not charge you any upfront fees whatsoever; fees are only collected after a resolution has been made and approved by the client.
The fees you can expect to pay upon completion depend on a number of factors, including:
- Your credit balances
- Your ability to contribute monthly escrow payments into your program
- The amount that can be reduced from your balance
- How quickly debt experts reach an agreement with creditors
- What fees your firm charges you
New Era Debt Solutions offers everything you want in an effective and trustworthy debt resolution program. This includes third-party accreditation, overwhelmingly positive customer reviews, a variety of different debt reduction methods catering to different needs, a free consultation process, and expert guidance starting from day one until you ultimately take care of your debt.
To see if New Era Debt Solutions can help solve your debt troubles, you can fill out their free online consultation form and start speaking with a debt specialist today.