GreenPath Financial Wellness debt management: 2024 Review
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At a glance
| Overall Score | 4.7 |
|---|---|
| Overview | GreenPath Financial Wellness is a credit counseling and debt management company that has helped thousands across the US learn more about their finances and reduce their debt. |
| Minimum debt required | Not specified |
| Time frame | 3 to 5 years |
| Fees | Set up fee: $0 to $50, Monthly fee : $0 to $75 |
Best for high-interest credit card debt
Because GreenPath Financial Wellness is a debt management company, one of its primary focuses is on lowering your interest rates. If you have high-interest credit card debt, GreenPath may be able to negotiate a lower rate with the credit card company. This can help save you money by reducing the amount of interest that accrues as you pay down your balance each month.
However, it can also be useful if you need general credit counseling or help managing student loan debt. And GreenPath has a number of services for housing and homeowners looking for counseling or financial relief.
GreenPath Financial Wellness: Types of debt settled
Greenpath is a debt management company, not a debt settlement company. While the two services may seem similar on the surface, debt management does not negotiate lump sum payoffs with your creditors. Instead, Greenpath will work with your creditors to reduce your interest rates and minimum monthly payments.
A debt management plan simply manages the debt you already have. You won’t reduce the total amount you owe, but you can still speed up the repayment process — and potentially pay less interest. It is a more financially stable option and a good choice if you need to lower the amount you pay each month.
GreenPath Financial Wellness: Pros and cons
GreenPath Financial Wellness is a good option for credit counseling and debt management, but there are still drawbacks you should be aware of before you sign up.
PROS
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NFCC certified.
Multiple financial counseling options.
Available in all 50 states.
No minimum debt requirement.
CONS
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Charges setup and monthly fees.
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May take up to five years.
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No credit card use allowed.
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Will not reduce the amount owed.
Debt relief qualifications
GreenPath Financial Wellness does not state specific requirements you need to meet in order to qualify for its debt management program. You will need to speak with one of GreenPath’s counselors to learn more about its services and how it may benefit you. In general, you may want to consider a company like GreenPath if you have high interest credit cards or other debt that you are struggling to pay.
Services
GreenPath offers multiple services to help you manage your finances and improve your financial literacy.
- General financial advice. GreenPath offers free debt counseling to help you improve your financial situation, outline your goals and help you make a plan to meet those goals.
- Debt management program. The debt management program is designed to combine all your credit card payments into one, similar to a debt consolidation loan, and lower your average interest rate so you can pay off your debt faster.
- Student loan management. Similar to its general financial advice, GreenPath can review your student loans and help you find repayment options to stay on top of your debt.
- Housing counseling. GreenPath offers homebuyer assistance, reverse mortgage counseling and foreclosure support to its customers. The cost for each program varies, but some may be available to you for free.
Fees and penalties
GreenPath’s credit and debt counseling services are free of charge. You don’t have to pay to get advice or use any of the resources it provides on its website.
Starting a debt management plan where GreenPath negotiates your interest rates and fees on your behalf does cost money, however. There will be a setup fee between $0 to $50. There is also a monthly fee of $0 to $75.
According to GreenPath, these fees are minimal compared to the amount saved. However, you should determine if the money you will save on interest makes up for the fees and strict payment schedule you have to follow.
What we like and what we don’t like
GreenPath is a certified service that anyone in the US is able to use. However, it still has many of the same drawbacks that any debt relief service has.
What we like
- NFCC certified. GreenPath Financial Wellness is certified by the National Foundation for Credit Counseling (NFCC), a network of organizations that certifies credit counselors and credit counseling agencies across the country.
- Multiple financial counseling options. GreenPath offers credit counseling, debt management and a number of other services to help you manage your finances.
- Available in all 50 states. With branches in 15 states and service available in all 50, you should have no problem working with GreenPath no matter where you are located.
- No minimum debt requirement. Since GreenPath doesn’t negotiate debt, just interest rates and fees, you don’t need to meet a minimum debt requirement to qualify.
What we don’t like
- Charges setup and monthly fees. While there are no fees for credit counseling, you will face setup fees and monthly fees based on the amount of debt you have and your state.
- May take up to five years. Like any form of debt relief, it may take five or more years to complete debt management with GreenPath.
- No credit card use allowed. Because the goal of debt management is to repay your debt, you will likely be told not to use credit cards outside of emergency expenses.
- Will not reduce the amount owed. GreenPath is not a debt relief service, so it will not negotiate the amount of debt you have with your creditors.
Customer experience and reviews
GreenPath Financial Wellness receives mixed reviews from its users. While it does have an A+ rating with the BBB, it only receives an average of around three stars. There have also been 16 complaints filed against it in the last three years.
On other review websites like Yelp feature equally poor ratings. While GreenPath does have a few reviewers who state that its services were good, many cite problems with the fees they were charged and mismanagement of their debt payments.
How to contact GreenPath Financial Wellness
GreenPath lists quite a few numbers across its website for various services. However, it had more clear information on its official contact page.
Counseling is available six days a week: on Monday to Thursday from 8 a.m. to 10 p.m. ET, on Friday from 8 a.m. to 8 p.m. ET and on Saturday from 8 a.m. to 6 p.m. ET. Counselors can be reached during these times to schedule over-the-phone or in-person appointments.
Current customers can call 866-476-7284 or log in to their account for support options.
GreenPath Financial Wellness frequently asked questions
How Bankrate rates GreenPath Financial Wellness
Overall Score 4.7 Explanation Availability 5.0 There is no minimum debt required and credit counseling is available. Affordability 4.4 There are no upfront or closing fees, but there are setup and monthly fees for some services. Customer experience 4.3 While there is some weekend availability for customer service, there is no app available. Company reputation 5.0 GreenPath doesn't have any unresolved complaints registered with the CFPB and there are no complaints with the FTC. Stability 5.0 Over 60 years in business and being certified earns GreenPath top marks. Methodology
To rate debt relief services, Bankrate considers 15 factors. These factors include minimum debt allowed, what fees are charged, whether there are unresolved complaints and if the company is accredited. Categories that the services are rated on include:
- Availability: Availability is assessed based on the minimum debt balance required, types of eligible debt and whether the company provides free credit counseling.
- Affordability: Affordability is assessed based on associated fees and whether the company specifies money-back guarantee terms.
- Customer experience: Customer experience is assessed based on website usability and features, customer support options and hours of operation.
- Company reputation: Company reputation is determined by assessing complaints with regulatory agencies, like the Federal Trade Commission and Consumer Financial Protection Bureau.
- Stability: Stability ratings are based on how long the company has been in business and whether it maintains membership with a professional trade association.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.