What Is Turbo Debt

Feeling weighed down by high-interest debt? Struggling to make minimum payments each month? You’re not alone. Over 19 million households in America are facing serious debt problems and looking for ways to find financial freedom.

In comes TurboDebt, a relatively new company that promises easy and affordable debt relief. If you’ve seen their bold claims on social media ads, you may be wondering – what is TurboDebt really all about? Can this company actually help you escape debt faster for less money?

In this comprehensive guide, we’ll take an in-depth look at TurboDebt, how their debt relief programs work, the pros and cons to consider, what real customers have experienced, and whether their services are right for your situation.

What is TurboDebt?

TurboDebt markets itself as a debt relief and credit repair company that can help consumers settle unsecured debt like credit cards, personal loans, and medical bills for less than you owe.

The company launched in 2020 and has quickly grown thanks to aggressive digital marketing campaigns on platforms like Facebook, Instagram, and TikTok. Their ads tend to highlight inspiring debt payoff stories and offer free consultations.

When you inquire about their services, TurboDebt collects information about your financial situation and then connects you to a partner debt settlement firm like National Debt Relief or Freedom Debt Relief. They essentially function as a lead generation service, not the actual company providing debt relief.

So while TurboDebt may give the impression they will be handling your debt settlement, in reality they are just a middleman referral source. The debt relief firms they recommend will charge fees ranging from 15% to 25% of the total enrolled debt amount.

How Does TurboDebt Work?

If you’re interested in TurboDebt’s services, the process looks something like this:

Consultation and Client Onboarding

You’ll speak with a TurboDebt representative for your initial free consultation. They’ll gather details about your debt balances, interest rates, income, expenses and discuss the debt settlement process.

If enrolled, you’ll open a dedicated account where you’ll make monthly payments to save up for settlement offers. The partner company (not TurboDebt) will then negotiate with your creditors on your behalf.

Debt Settlement Process

Debt settlement works by stopping payments to creditors and letting accounts become delinquent. After several months of missed payments, the creditor may accept a lump sum payment for less than the full balance owed.

The monthly payments you make to your settlement account will accumulate until enough is saved up to make settlement offers. This can take many months. During this time, you won’t be paying your creditors.

Debt settlement can negatively impact your credit score and leave you vulnerable to creditor collections. However, it can reduce total debt owed if negotiated settlements are successful.

TurboDebt as a Referral Service

It’s important to understand TurboDebt mainly serves as a source of new clients for debt settlement companies. They provide marketing and initial consultations, then hand off accounts.

You likely won’t work directly with TurboDebt once you are enrolled in a program. The advertised 50% savings or more comes from the partner company’s negotiations, not TurboDebt.

Debt Relief Options to Consider

While debt settlement through TurboDebt’s partners is one approach, it’s not necessarily the best for everyone. Here are a few other types of debt relief to consider:

Debt Management Plans

Credit counseling agencies can help you consolidate multiple debts into one monthly payment and negotiate lower interest rates. This helps pay off debt faster without damaging credit scores.

Debt Consolidation Loans

Banks and online lenders offer debt consolidation loans that roll high-interest debt into a new loan with fixed rates and terms. This simplifies payments into one monthly bill.


Filing Chapter 7 or Chapter 13 bankruptcy stops collections and can eliminate or restructure debts you can’t afford. Bankruptcy damages credit initially but may provide the fresh start you need.

Pros and Cons of Using TurboDebt

TurboDebt isn’t an outright scam, but rather an intermediary service with some definite pros and cons to weigh:

Potential Benefits

  • Lower interest rates if negotiated settlements are accepted
  • More affordable monthly payments compared to minimums
  • Only one payment to manage instead of multiple accounts
  • Customized debt relief plan based on your situation
  • Coaching on budgeting and other financial topics

Risks and Drawbacks

  • High feesaveraging 15% to 25% of total enrolled debt
  • Lack of transparency around company history and practices
  • Potential damage to your credit score
  • No guarantee settlements will be accepted by creditors
  • Legal action, collections could continue during program
  • Loss of credit card rewards and benefits

For some in significant debt, the potential savings may outweigh the costs. For others, the risks are too high. Do your research to determine if it aligns with your goals.

What TurboDebt Customers Are Saying

TurboDebt reviews are overwhelmingly positive on sites like Google, Trustpilot, and the Better Business Bureau. But it’s important to note most reviews seem to be requested immediately after enrollment, before experiencing the full debt settlement process.

Positive TurboDebt reviews highlight friendly customer service, lower monthly payments, and reduced debt balances. However, you’ll also find complaints of unexpected fees, worsening credit scores, and issues contacting the company after enrollment.

Independent review sites tend to be more mixed, showing customers have had varying experiences working with TurboDebt’s partner firms. Customer satisfaction seems closely tied to actual results.

Alternatives to Explore Beyond TurboDebt

While TurboDebt isn’t an outright scam, the high fees and risks mean it may not be the right choice for you. Here are a few alternatives to consider:

  • Work with reputable credit counseling agencies that offer free consultations and nonprofit debt management plans.
  • Contact debt settlement companies directly rather than go through an intermediary like TurboDebt.
  • Explore debt consolidation loans with banks and peer-to-peer lenders to lower interest rates.
  • Learn about government-sponsored debt relief programs you may qualify for.
  • As a last resort, discuss bankruptcy with a legal professional.

Is Turbo Debt Similar to Hyper NFT in Terms of Financial Technology?

Turbo debt and hyper NFT are both significant in the realm of financial technology. A comprehensive analysis of hyper NFT reveals its potential to revolutionize the way we perceive and trade assets. Similarly, turbo debt showcases advancement in lending technology, offering innovative solutions for financial management. Both are crucial in shaping the future of finance.

The Bottom Line

TurboDebt provides an introduction to debt settlement through partnerships with companies like National Debt Relief and Freedom Debt Relief. While this approach may help lower total debt, it comes with high fees and risks.

Thoroughly research your options, speak to a nonprofit credit counselor, and consult an attorney to determine the best path forward in your unique financial situation. With the right plan, you can take control of debt and work toward financial freedom.

Frequently Asked Questions

How much does TurboDebt cost?

TurboDebt itself charges no fee, but the debt settlement companies they refer you to typically charge 15% to 25% of your total enrolled debt amount.

Does TurboDebt hurt your credit?

Debt settlement can damage your credit score since accounts become delinquent. Late payments, defaults, and settled accounts will show on your credit reports.

Is TurboDebt legit?

Yes, TurboDebt is a real company, however they mainly function as a marketing and client referral service, not the actual provider of debt relief services.

Can TurboDebt lower your debt?

If the debt settlement companies they partner with are able to negotiate satisfactory deals with your creditors and get them to agree to reduced lump-sum payoffs, then yes, your total debt could be lowered. But there is no guarantee of results.

Are there risks with TurboDebt?

Yes, debt settlement can leave you vulnerable to creditor legal action and collections. Accounts become delinquent as you save up for settlements, which can take many months to over a year. Make sure you understand all the risks before enrolling.