New Era Debt Solutions Review

Like many other debt relief companies, New Era Debt Solutions aims to help consumers out of debt using a strategy known as debt settlement. With debt settlement, consumers stop making payments on their unsecured debts and instead begin saving a fixed amount of money in a separate account. 

Then, New Era Debt Solutions begins using the money that the customer has amassed to negotiate and settle debts for less than the amount owed. The company claims that your first settlement will be made within six months of starting the program, but the timeline can vary.

New Era Debt Solutions does not charge any upfront fees to create your debt relief plan. Instead, you are charged fees as each debt gets settled. Unfortunately, New Era does not disclose its fee range like many of its competitors do.

While the timeline of your program depends on your unique circumstances, New Era claims its customers complete their debt settlement plans within 28 months on average. New Era also reports that customers save an average of 52.23% on enrolled debt amounts (not accounting for the fees the company takes out).?

Because you must stop paying bills while you wait to have your debts negotiated and settled, debt settlement will damage your credit score. If you're worried about your credit, consider debt relief alternatives like debt management plans (DMPs) and debt consolidation.

Pros Explained

• No upfront fees and a free debt analysis: New Era Debt Solutions offers the benefit of a free consultation where you can get your questions answered and learn more about its services. Fees are only paid upon debt settlement.?
• Client dashboard makes it easy to monitor your debt settlement program online: Seeing debt payoff progress in real time and having access to digital tools is appealing to many customers.
• Most clients can get out of debt in two to three years: While the length of your program will vary, New Era says most of their clients get out of debt in three years or less. The average program length is about 28 months.

Cons Explained

• Not available in every state: New Era Debt Solutions does not offer services in Iowa, Maine, and Oregon.
• Does not disclose fee range for debt settlement: While most top debt relief companies are transparent about their costs online, New Era Debt Solutions does not disclose a fee range publicly.?
• Not a member of the American Association for Debt Resolution (AADR), formerly the American Fair Credit Council (AFCC): AADR is one of the key associations in the industry since it holds members accountable to a set of standards. New Era Debt Solutions is not a member, unlike many of its competitors.

Types of Debt Addressed

New Era Debt Solutions can help you settle unsecured debts like credit card debt, medical bills, and some personal loans. However, debts that are tied to an asset that can be repossessed (such as a home or auto loan) cannot be part of a debt settlement program. Debts that New Era can help you with include:

Credit Card Debt

Credit card debt is commonly included in debt settlement plans since it is unsecured and tends to come with high interest rates. Store card debt can be included as well.

Medical Debt

If you have past due medical bills or medical debts you cannot pay, New Era Debt Solutions can help you settle for less than you owe.

Personal Loans and Payday Loans

Unsecured personal loans can also qualify for debt settlement, as can unsecured lines of credit you might have with a bank.

Private Student Loans

You may be able to include private student loans in a debt settlement plan. However, federal student loans backed by the federal government cannot be negotiated.

Client Onboarding Process

New Era Debt Solutions offers an online calculator that shows how much you might save on your debts, so you can start there. Next, you can call for your free debt analysis to find out how much you can save, as well as how long your debt settlement program would take.

While other debt relief companies list a minimum amount of unsecured debt you need to get started, New Era Debt Solutions does not disclose this information publicly. So ask about debt level requirements before you begin the program.

Customer Service

With New Era Debt Solutions, you can speak with a trained debt specialist to learn more about the company’s services. You can also get clarification about your consumer rights regarding collection calls as outlined by the Fair Credit Reporting Act, the Fair Credit Billing Act, and the Fair Debt Collection Practices Act. By the end of the call, you should have an idea of how much you would need to save each month for your debt settlement plan, about how long your program will take, and an estimate of how much you can save.

New Era Debt Solutions offers an online client dashboard. You can also speak with a debt specialist from 7 a.m. to 8 p.m. PT, Monday through Saturday, or with a client service agent from 8 a.m. to 5 p.m. PT, Monday through Friday. New Era also offers after-hours appointments.?

Company Reputation

The debt relief industry does not have a stellar reputation thanks to the many fraudulent companies that make false promises in this space. Research debt settlement companies before doing business with them to avoid a scam.

To begin, you can search the Consumer Financial Protection Bureau (CFPB) database for complaints about each company you're considering. You can also check the Federal Trade Commission (FTC) website to make sure each company is not part of a lawsuit or an investigation.

New Era Debt Solutions does not have any registered complaints with the CFPB database, and it has not faced any legal action from the FTC. The company also has a 4.9 out of 5 star customer rating on TrustPilot, and an A+ Better Business Bureau rating.

Average Relief Amount

New Era Debt Relief says its clients save an average of 52.23% on enrolled debt amounts, not including its fees. On $10,000 in debt, that would mean having your total payout reduced to $4,777. Remember, you will also pay a fee, and settlement amounts can vary widely based on your specific circumstances.

Average Time for Relief

While debt settlement programs can vary based on how much debt you have and how much you can afford to save each month, New Era says its average program length is currently 28 months. This is on the higher end of the industry average for debt settlement, which was reported to be around 14 months in a 2020 report by the CFPB.?

Cost

New Era Debt Solutions doesn't charge any fees upfront or ongoing administrative fees. Our research found that the cost for its services can range from 14% to 23% of the original debt amount enrolled into the debt relief program, though the company does not disclose that information on its website.

Compare With the Competition

Final Verdict

New Era Debt Solutions is a quality debt relief company with excellent reviews. It also has a few standout features, including an online debt settlement calculator and an online client dashboard. This company has a strong reputation for helping people climb out of debt in a reasonable amount of time.

However, New Era Debt Solutions doesn't disclose its fee range online. We suggest finding out exactly how much you would pay with New Era and comparing its fees to a few other debt relief companies before making a final decision.

Where Is New Era Debt Solutions Available??

New Era Debt Solutions offers debt settlement services in most major cities and in 47 out 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 fewer than 28 months, which is faster than some competitors. It does not disclose its fees online, but Investopedia research found the average cost of its services is on par with or less than other debt-relief options.

Is New Era Debt Solutions a Legitimate Company??

New Era Debt Solutions is a legitimate debt relief company that can help clients pay off or settle unsecured debts in three years or less. It has been in business since 1999, has helped settle more than $275 million in debt, and has strong customer reviews and ratings.

What Are Alternatives to Working With New Era Debt Solutions??

Other debt relief companies similar to New Era Debt Solutions include National Debt Relief, CuraDebt, and DMB Financial. The best debt relief company for you will depend on your personal situation and the type of debt you are trying to pay off.

Methodology

To help us review debt relief companies, we compared eight firms based on factors like customer service, cost and transparency, third-party rankings, accreditation, services offered, and more.?

We ranked each debt relief company in various categories with a star rating system. Overall, debt relief companies that scored highest were ones with transparent pricing, unique online features, and excellent user reviews. We also compared debt relief companies based on their standing with the the American Association for Debt Resolution (AADR)—formerly the American Fair Credit Council (AFCC)—and the International Association of Professional Debt Arbitrators (IAPDA).