Why Credit Counseling?
If you’re one of the millions of Americans who are having trouble keeping up with their credit card bills, you’ve probably considered consumer credit counseling as an option to help get you back on track. Reputable agencies like Cambridge offer an extremely valuable service and are very effective at helping people pay down their credit card debt. With all of the debt relief services available today, we know it can be confusing to determine which option is best for your particular situation. After all, everyone’s financial circumstances are unique, so the assistance you receive should be personalized.
Credit counseling has been around for decades, and it’s evolved significantly over that time. The industry is now highly regulated and agencies must adhere to strict standards in order to be able to offer effective debt relief services. In order to determine if credit counseling is the right option for you, let’s look at how consumers can benefit when they use our services.
American households today have an average of $15,000 in credit card debt. Too many people rely on their credit cards to make ends meet and often find themselves having difficulty making even their minimum monthly payments. As their balances increase, so do the monthly payments, making it more and more difficult to keep their accounts current. They begin to miss an occasional payment. This cycle continues as their accounts are assessed late and over-limit fees, increasing their balances and minimum payments. Consumers find themselves unable to keep up, until eventually they simply fall too far behind and, one by one, their accounts become seriously delinquent.
At this point, there are really only a few options left, and credit counseling is certainly one of the safest.. Bankruptcy is a viable option for certain situations, and sometimes it’s really the only option, but for many people, credit counseling is a simple, safe, effective way to responsibly pay off your credit card balances, without having to get another loan.
The way it works is relatively simple. You’ll first need to speak with a certified credit counselor from the agency that you’ve chosen (see” How to Choose the Right Credit Counseling Agency” below). Your counselor will perform an in-depth review of your entire financial profile to try to figure out what circumstances have led to your need for their services. This is an important part of the process because it also allows the counselor to take a look at your household budget, if you have one. If you don’t, they’ll help you set one up. If you do, a few simple adjustments to your budget may be all you need to free up enough money to get yourself back on track without assistance.>
"Cambridge is the best. I consolidated years and years of debt before with Cambridge. Anytime I needed advice I did not mind calling. They were very good to me and would always send me emails. I might have to come back to Cambridge because I have been in and out of the hospital. I got so many hospital and doctor bills. My daughter was also with them. She's the one who recommended it to me."
- Della, Maumelle, AR
"My wife introduced me to Cambridge - she had gone through them and they saved her a lot of money and they did the same for me. Most of my credit card debt that I went into was through a divorce I had back in 2006 to 2008 where I accumulated over $40,000 worth of credit card bills. To have that paid off in five years was a true blessing. It was nice to be able to save that much money and for everything to be legitimate and on the up and up."
- Marcus, Sacremento, CA
"I had some accounts that were very past due and I couldn't get to catch up with paying my principal balance down, so I decided to go with Cambridge. They were able to lower my interest rate. The person that helped me out, Emma, was very helpful when I talked to her and we talked a few times with getting set up. And it's been great--it helped me out a lot. I finished the program already, and I'm definitely in a much better place than when I started. "
- Angelica, Sun Valley, CA