Cambridge Credit Counseling Corp.
67 Hunt Street Agawam, MA
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About Cambridge Credit Counseling Corp.
Based in Massachusetts, Cambridge Credit Counseling Corp. is a nonprofit credit counseling agency that provides financial education and debt management services to consumers. It offers credit counseling, debt management plans, and budgeting and financial education to individuals and families to help them reduce their debts. All counselors must achieve and maintain accreditation through the National Foundation for Credit Counseling.
Pros & Cons
- Free credit counseling
- Extensive educational resources
- Member of NFCC and FCAA
- Fees vary by state
- Can take up to 50 months to get debt-free
Cambridge offers a free budget and debt analysis, making it a good choice for those overwhelmed with debt and not knowing where to start. Monthly fees for the debt management plan are $50 or less, depending on where you live. It can take up to 50 months to become debt-free.
Top Cambridge Credit Counseling Corp. Reviews
“... The cost in relation to the quality of service was good. If the price never changed, the end payment was a little less. But the service fee and the convenience of someone els...Read full review
“The rep I worked with at Cambridge answered all my questions. The program was self-explanatory, and they explain to you how it's gonna happen, what payments were gonna be made an...Read full review
What is Cambridge Credit Counseling Corp.?
Established in 1996, Cambridge Credit Counseling is a 501(c)(3) nonprofit agency that charges low fees for debt consolidation and bankruptcy counseling. It also offers student loan and housing counseling with additional fees. Its Department of Housing and Urban Development-approved housing counseling services include foreclosure intervention, and its bankruptcy counseling is approved by the Department of Justice’s U.S. Trustee Program.
Along with free and low-cost counseling services, Cambridge offers a wide selection of financial literacy resources on its website.
How does Cambridge Credit Counseling Corp. work?
To get started with credit counseling, you will need to speak with one of Cambridge's certified credit counselors. The counselor will perform an in-depth review of your entire financial profile, including your household budget. The counselor then suggests a plan to help you get out of debt quickly and build your savings.
Those who wish to continue using Cambridge for debt consolidation will make monthly payments to Cambridge instead of their creditors. Cambridge will then send out payments to each of the creditors included in the plan. The company claims that its average debt consolidation client saves 25% on their monthly credit card payments and becomes debt-free in around 50 months.
Cambridge Credit Counseling also claims that, on average, it can reduce a client’s interest rate by 14 points, helping clients save an average of $142 per month.
Cambridge Credit Counseling Corp. products and services
Cambridge Credit Counseling offers free credit counseling and budget analysis. For those who need additional help, the debt consolidation and management plan are available.
Other services Cambridge offers include:
- Student loan counseling
- Foreclosure counseling
- Homebuying counseling
- Bankruptcy counseling
Cambridge Credit Counseling Corp. fees
Even though Cambridge Credit Counseling Corp. is a nonprofit organization, it may charge a fee to cover the cost of services. Cambridge works on your behalf to help you become debt-free as fast as possible while only charging a low initial fee and monthly fee, both of which depend on your state.
It charges no fees for its initial financial assessment of your accounts. If you decide to partake in the debt management plan, your price will vary by the regulations set by your state. Cambridge Credit Counseling Corp. charges an average initial fee of $40 and an average monthly fee of $30; its initial and monthly fees are capped at $75 and $50, respectively.
Other services and fees include:
- Bankruptcy counseling: $39 for pre-filing credit counseling briefing and $39 for pre-discharge debtor education course
- First-time homeowner courses: $50 to $100, depending on the course
- Student loan counseling: $39.95
Cambridge Credit Counseling Corp. FAQ
How long will the process take?
Each situation is unique, but the company says that the process takes an average of 48 months or less. You can get a better idea of how long your credit repair might take with the company’s free debt analysis.
Will working with Cambridge Credit Counseling Corp. affect my credit report?
According to FICO, working with Cambridge Credit Counseling Corp. will appear as a neutral mark on your report. However, some lenders might choose to not work with you due to this mark.
Are Cambridge Credit Counseling Corp. services guaranteed?
Cambridge does not mention on its site that its services are guaranteed, but it should cover its refund policy and cancellation policy during your initial analysis.
Is Cambridge Credit Counseling Corp. legit?
Cambridge Credit Counseling Corp. is a legitimate nonprofit credit counseling that’s a member of the National Foundation for Credit Counseling and the Financial Counseling Association of America. It has been in business since 1996 and has helped many consumers improve their financial situation and become debt-free. You can contact the company to schedule a free debt analysis.
Cambridge Credit Counseling Corp. Reviews
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A couple of years ago, I went with Cambridge for debt consolidation. They explained everything and they were transparent. There was good communication, and the application process was easy. They seemed flexible with the payment plan too. I switched it at the very beginning because I only get paid once a month. That's a harder thing for people when you only get paid once a month. Your budget is completely different.
The cost in relation to the quality of service was good. If the price never changed, the end payment was a little less. But the service fee and the convenience of someone else taking care of getting ahold of everybody, changing it, and it being one lump payment makes my life a lot easier. Also, I didn't wanna haggle with people and Cambridge was able to rework the percentage rate. The companies dropped that so more of the money went directly to what was owed instead of all of the extra costs. I completed the program a couple months ago, which was great. Now that's money that’s gonna go to the student loan. Working with Cambridge allowed me to get those bills paid off, and it's one less thing I have to stress about, being a mom, a caregiver and working full time.
So glad we could help you, Charlene! Congratulations on paying off your debt!
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I was 3,000 in debt and my income had drastically gone down, so I couldn’t keep everybody happy. They told me that I would pay 35 back and at the end of it, I ended up paying 6,000. I was like, “I wish I could have borrowed the money, because that’s a lot of extra money." Other than that, the program helped me get out of debt. I would call them for my balance periodically through the years and they were helpful. Knowing what I was gonna pay, it was easier for me to pay one small fee. But it was stretched out and there was extra money and that was kind of disturbing.
Thank you for your feedback Susann. We did review your paperwork that we provided to you when you joined the program and it does reflect different starting balances and repayment term than you describe above. We would be more than happy to discuss it with you if you would like to call in. We can provide you with copies of it as well. Congratulations on paying off your creditors!
Cambridge is a good company to work with, and they were responsible. Anytime I had to call to ask questions, they were very knowledgeable and helpful. They had good customer service. Also, I was able to log online and see my progress, which I liked. I had a person that told us about the program and set us up. He also talked to us about what will happen and the timeframe that it would take to pay off our bills, and gave us instructions on what to do. He was very thorough.
They told us what our payment would be with each creditor, and how long it would take to pay it off. They asked if we were in agreement with that, which we were. They told us what date our payment will be drafted, how much their fees would be, and how much we would have to pay. We opted to have our payment drafted. The fee was reasonable. Everything was pretty clear and straightforward.
There was one time that I called and I wanted to pay a certain creditor off next, and everything was smooth. But towards the tail end of the program, it was a little bit more difficult to get ahold of someone. It seemed like something changed with customer service. When I called, the person asked, “Is this your first contact? Is this your first time calling about this issue?” I said no and that I called the other day. Then they said, “We'll have a person call you.” I didn't like that part of it because I had a little bit of trouble getting through. But at the very end, I called the number that I had on my statement, and it was the same way it was in the past where you get to speak to somebody quickly. I'm done with my program, and I'm satisfied. I had good customer service and they did what they were supposed to do.
Glad we could help Angela! We are always here if you need us.
We spoke with an advisor and then we gathered up the most recent statements from all of the credit cards that we wanted to consolidate into the program. Then they negotiated down those interest rates and set us up with a single payment. We've been getting it auto-debited ever since. We were paying over $800 a month just in minimums to the cards that we put into the program. Our payment after they negotiated everything down was just over $450. So we were able to free up almost $400 in cash every month, which was a bonus.
Their customer service was always really great. They were always quick to answer the phone. They always call back if they couldn't resolve something immediately. If they needed to, they would call one of our credit cards and inquire about things. So we were always pretty pleased with their customer service and their standard regular communication, letting us know the status of our accounts and where things were at. They were always very easy to work with.
We are so happy to hear that things are going well Barbara! We will always be here if you ever need anything in the future.
Cambridge is easy to work with. They look at the total that you have then set you up with a payment plan. It’s an affordable payment, too, versus trying to pay six or seven things at different rates. They don’t pressure you. You can do it in a way that helps pay things off without feeling overwhelmed. They also offer education. One thing that I learned was waiting to pay your bill when you get the bill is already too late. If you use a credit card and you pay it off before the statement date, you avoid interest. They don’t bombard you with emails. But when you get those emails, if you click on them and watch the little video, it does help. They do what they say they're going to do. If they say they're going to call you back, they call you back. I had trouble with one of my companies sending me a collection letter but the rep took care of it. I had an overall very good experience.
Hello David. So glad we were able to help! We wish you continued financial success.
The rep I worked with at Cambridge answered all my questions. The program was self-explanatory, and they explain to you how it's gonna happen, what payments were gonna be made and how they were gonna make it and their fees. They would send an email statement every month of how they broke down the payments, what I owed, their fee, and the amount. All the fees every month were the same, and nothing was hidden. There was nothing for me to worry about. The payment was always the same every month. The estimated time they gave me didn't change much from that day as well. It went a bit over, but it's not like I would worry about it. It was about four years ago when we first started, and overall, it was a good experience. It went smooth for the duration of my time with Cambridge, and working with them helped a lot. I got to pay all my bills.
So glad we could help you, Oscar! Congratulations on being debt free!
To have to give up four credit cards during enrollment was quite shocking to me. But overall, it was awesome and a great experience with Cambridge. I had questions regarding my accounts on the last two credit cards that got paid off and they were very helpful as far as giving me the information and a contact person to get ahold of Citibank. They also came to me with a payment that was very affordable. Four years later, here I am, debt-free. They said, originally, would be a five-year program. But as I came in to have some extra money, I threw it right on the cards.
So glad we could help Douglas! Congratulations on being debt free!
The cost is a little high but getting all those credit cards paid off is less stress. Also, their communication throughout the process was good.
Good morning, Alice. I am so happy to hear that you completed our program. It must be such a relief having your debt paid off. Please be advised that the fees we charge are state based and we follow those guidelines. Again, congratulations on paying off your debt and it was a pleasure helping you reach this goal!
I sent out the paperwork and they handled contacting the companies. I gave them a budget that I can afford each month and they set things within that budget. Then, if I had to add anything new, it was fairly simple to call up and get everything added on.
We are so glad you found success James with our program. Best wishes for your future!
Everything was very good with Cambridge. I was able to pay my debt like I wanted to and everything worked out perfect. I like the fact that they took out my monthly payment out of my account automatically, which made it easier to pay. Also, a counselor called me every six months and I was able to call or email them if I had questions.
We are so glad you found success Ana. Best wishes for your future!
Cambridge Credit Counseling Corp. Company Information
- Company Name:
- Cambridge Credit Counseling Corp.
- Year Founded:
- 67 Hunt Street
- Postal Code:
- United States