Cambridge Credit Counseling Corp. was established in 1996 in Massachusetts. Cambridge’s counselors average 13 years experience and have helped hundreds of thousands of people with credit card and debt issues. Cambridge offers aid and education in many debt related fields such as credit card, bankruptcy, student loans, foreclosures, and reverse mortgages. Cambridge also offers a plethora of free financial education resources. These resources include videos, guides, journals, worksheets and calculators. Cambridge also offers free comprehensive credit counseling.
- Affordable payment plan
- Debt management plan
Cambridge offers very affordable plans for their debt management plans. The initial cap is set at $75 and the monthly cap is set to $50. On average customers pay an initial fee of $40 and an average monthly subscription of $25.22. Compared to competitors, this is a very affordable plan. Cambridge does not accept all customers, but only those who would benefit from this plan. After a comprehensive credit consultation, it is determined whether the customer would benefit from a debt management plan.
Debt Management Plan
The debt management plan packages all debt into one manageable monthly payment. The customer pays Cambridge, and Cambridge then disburses the funds to all of the creditors. The Cambridge representative will get the lowest possible interest rate possible for the customer. The average customer’s interest is reduced 64%. This makes it possible for the customer to pay off debt at a faster and more efficient pace. On average Cambridge’s clients pay off their debt within 50 months. Cambridge’s clients also save an average of 25% on their monthly payments.
- Credit accounts close
- Lack of published data
Credit Accounts Closed
After all of the customer’s’ debt is settled all credit accounts are closed. If the customer would still like credit lines through those creditors, they will have to open a new account. This can hurt the customer’s credit score by closing out accounts, especially if the accounts had long history.
Credit Bureaus and Scores
Cambridge Credit Counseling Corp. is not clear to which credit bureaus they work with and how their services can directly benefit your credit score. Cambridge does not have any published data of customers credit score improvement. Cambridge does not offer to help eradicate inaccurate, unverifiable, misleading or unclear items on the customer’s credit report.