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 Plans
- Debt Management Plan
- 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.
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.
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.
- Credit Accounts Closed
- Undisclosed State Availability
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.
Undisclosed State Availability
Cambridge Credit Counseling Corp. does not disclose its state availability. It is unclear which states the company services.
The Bottom Line
Cambridge Credit Counseling Corp. is a great resource for free financial education. 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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