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Cambridge Credit Counseling

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LAST UPDATED: March 28th, 2022

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 debt counseling. Additionally, Cambridge is a non-profit credit counseling agency, which means creditors might actually offer you special benefits when working with Cambridge Credit Counseling.

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The Good

  • Affordable Payment Plans
  • Variety of Financial Services
  • Educational Resources

Affordable Payment Plans

Cambridge offers very affordable plans for its debt management plans. The initial fee 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, 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.

Variety of Services

The debt management plans from the company are geared more toward less-risky consumers, meaning those with higher credit scores and a moderate ability to make minimum payments.

Instead of resorting pre-bankruptcy counseling, debt relief customers can seek to negotiate lower interest rates and even help with lowering total fees.

A debt consolidation plan from Cambridge Credit Counseling 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 by 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.

A debt management or debt consolidation plan from Cambridge Credit Counseling is much easier on the customer's credit score than a debt settlement option.

Debt settlement companies tend to help out those who are desperate for debt relief, whereas credit counseling agencies like Cambridge Credit Counseling Corp. are suited to those who still have the financial means necessary to maintain a better credit score. Debt counseling services are similar to debt consolidation plans, where debtors pay a company to negotiate debts or interest rates with creditors.

Other services provided by Cambridge Credit Counseling include:

  • Housing counseling
  • Foreclosure intervention
  • 1st-time homebuyer courses
  • Reverse mortgage counseling
  • Student loan counseling
  • Bankruptcy and pre-bankruptcy counseling

Education Resources

Cambridge doesn't only offer debt counseling services. It's good to see a credit counseling agency that is concerned with not only the financial situation of its customers but also the financial literacy its consumers receive. Cambridge offers a variety of free educational resources.

Its website contains a variety of articles, educational guides, videos, tools, and brochures. The company also offers detailed explanations of its services and a helpful FAQ page. 

The company also posts regularly on both Twitter and Facebook. Customers don't have to go far to find helps financial tips and advice from experienced professionals. 


The Bad

  • Credit Accounts Closed
  • Undisclosed State Availability 

Credit Accounts Closed

The financial counseling services from Cambridge are extensive and effective. However, 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 a long history. 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 a long history.

Undisclosed State Availability

Cambridge Credit Counseling Corporation does not disclose its state availability. It is unclear in which states the company offers its services.


The Bottom Line

As a non-profit credit counseling agency, the company provides a wide range of services, from housing counseling to debt management and debt consolidation services. Cambridge Credit Counseling Corporation is a great resource for free financial literacy.

It should be noted that Cambridge is not a credit repair company, although its financial counseling services can help lessen the damage of an unpaid student loan or some other debt burden. The website offers videos, worksheets, guides, and calculators to help customers make informed financial choices. This makes Cambridge great for people who would like to educate themselves in various financial situations.

Cambridge also offers a reasonably priced debt management plan. The debt management plan can help lower interest and monthly payments making it easier for customers to pay debt faster. This option would be beneficial for customers who were more interested in settling debt than building up their credit score. It is unclear which states Cambridge services. Interested customers will need to contact the company to see if it is available in their area. 

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Karen Miami, FL

Cambridge Credit Counseling has been nothing but exceptional when dealing me. Calling them, you always get someone right then or a prompt callback. With your initial phone call, they put you at ease, you tell them you issue and they will fax you forms and when you review and sign and return them, you receive another call to verify- They will take care of EVERYTHING. I cannot tell how pleased I am with Cambridge.

6 years ago

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Sue Ontonagon, MI

I am very satisfied with Cambridge Credit Counseling. It has been easy to begin and continue working with them. Their customer service is helpful, informative and timely, and I would confidently recommend this company to others seeking to pay debts.

4 years ago

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Campbell Ringgold, GA

They’re great! Patient and understanding!

4 years ago