TurboDebt aims to help people that owe more than $10,000 in loans, credit cards and other unsecured debts become debt-free through debt relief. So how does Turbo debt work? Their goal is to help people become financially independent by learning how to take better care of their finances. They can do this by connecting you, the client; to different debt relief programs that can help you become debt-free.
If you have a TikTok account and are always on the platform, it’s likely that you’ve seen an ad from TurboDebt. This ad features an overly excited man claiming that TurboDebt can finally save you from your financial problems. He guarantees that working with TurboDebt will not hurt your credit score and that there’s no need to pay back what you borrow. Is this true? It sounds too good to be true, because how can you become debt-free if you don’t know how to pay back what you borrow? Unfortunately, this claim may really be too good to be true.
How it Works
If you haven’t used TurboDebt, the process involves three steps: Strategic Planning, Advising and Consulting.
In the strategic planning stage, a financial professional will examine your finances to help you better understand what you’re struggling with. During this stage, TurboDebt will strategize a plan to help you become debt-free.
The next step is to help you set your priorities right to ensure you don’t succumb to more debt and you’re able to break the debt cycle. This can be a challenging phase for anyone who has a mountain of debt and is also struggling to make ends meet.
In the consulting phase, a financial analyst will then recommend the best strategy based on your credit history and other financial factors. TurboDebt does offer a free initial consultation to those thinking about paying off their debt and finally taking control of their finances.
Is TurboDebt Worth It?
If there’s one thing you need to know about TurboDebt, it’s that this company is still over two and a half years old. And yet, they have already acquired more than 2,000 reviews on Google and has about 4.9 out of 5-star rating. Do you think this is true?
Paying off debt takes time, especially when you owe a lot of money to your creditors. And it’s a little impossible to believe that the reviews found on Google are really legitimate especially when TurboDebt doesn’t even have a BBB accreditation.
Pros and Cons of TurboDebt
TurboDebt does offer free consultations to its clients via the toll-free number on the website. While they don’t directly charge fees, TurboDebt may refer their clients to their partner businesses to help customers get rid of their debt. By referring clients, TurboDebt gets a commission — and this is basically their business model. And because they basically earn through referrals, this can mean that TurboDebt may not disclose all the risks involved when you decide to go with their partners.
Is TurboDebt Legit?
While the reviews on Google may be questionable and TurboDebt isn’t listed with the BBB, this company isn’t a scam. They’re actually a registered company that provides free consultations. Their main business though is to refer you to their clients or affiliates. It’s up to you to decide whether you should go for the debt relief program recommended by TurboDebt.
Advantages of using TurboDebt
Although TurboDebt earns money by referring you to their partners, debt settlement can still help you pay off your debt. It can also help reduce the amount of debt that you owe your creditors. Also, TurboDebt does have financial advisors who can advise you regarding your finances and recommend strategies that can help you become financially independent.
So long as you stay disciplined not to take on more loans or credit card debt, TurboDebt can indeed help you. And consultations with their financial team are also free. However, there are also disadvantages you need to consider before working with TurboDebt.
It’s better to properly weigh in the pros and cons to help you make an informed decision, to decide whether or not TurboDebt is right for you.
Disadvantages of TurboDebt
If there’s one thing you need to know, it’s that TurboDebt’s main objective is to make money by referring you to another company. This company may not have your best interests in mind. Also, debt settlement companies can be expensive and working with them can negatively impact your credit score. Contrary to what TurboDebt claims, you can harm your credit score by working with debt settlement companies. In some cases, you may end up facing a lawsuit from one of your creditors. Also, any reduction in your debt will need to be declared as taxable income.
It’s important to think about your finances before calling TurboDebt. If your debt is manageable or if you’re planning to still take out a new credit line, TurboDebt isn’t for you. Or if you don’t want to work with a company that doesn’t work for you, then it’s better to steer clear of TurboDebt.
However, if you have an overwhelming debt and struggling to keep up with your payments, or if you’re planning to file for bankruptcy, you may want to also consider TurboDebt. Their financial advisors may be able to help you strategize a plan to help you somehow reduce your debt. You can also directly connect with debt settlement companies to help you settle your debts.
Research Other Options
If you’ve seen the TikTok videos or have visited the TurboDebt website, you may notice that they’re quite persuasive. They promise to help you effectively take control of your finances and finally become debt-free. Also, they published a lot of good reviews about their company.
Before you decide to call them for a free consultation, consider looking at other options first or even researching companies that directly help clients improve their financial situation. And feel free to get in touch with a financial expert for assistance or advice.