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High credit card interest rates can make it nearly impossible for you to get out of debt in a reasonable amount of time. If you can only afford to make the minimum payments on your credit cards, you could be in debt for years...even decades! That's because when you have high credit card interest rates, more of your monthly payment is applied to interest, rather than to your actual balance. A Debt Management Plan is a viable solution for many consumers in this situation.
To see if you qualify for a debt management plan, you will need to participate in a personalized, one-on-one debt analysis with one of our nationally-certified credit counselors. Our counselors will review your income and expenses, and provide you with options appropriate to your unique financial situation. If your financial assessment indicates that, despite your income, you won't be able to pay down your unsecured debt in a reasonable timeframe without significant concessions from your creditors; your counselor may suggest that you enroll in our debt management plan. However, our counselors will only offer a debt management plan if it is in your best interest.
Since Cambridge is a nonprofit agency; most creditors will offer certain benefits that could help you pay off your debts faster than you could on your own, typically within a 4-5 year timeframe. These benefits can include reducing your interest rates, bringing your past-due accounts current, and eliminating or reducing your late and/or over-limit fees. Clients of Cambridge receive an average of 64% reductions in their interest rates, and average monthly payment savings of 25%.
In addition to these benefits, you will also get the added advantage of having one of our professional, certified credit counselors available to guide you throughout your debt management plan enrollment. They will provide you with a free financial assessment to review your finances and construct an affordable payment plan with a pay date of your choosing, so that you can start working towards becoming debt free. You'll also have access to your account information online and you'll be able to speak with our experienced team of client services professionals who work diligently to ensure that all of your accounts are properly serviced throughout the course of your debt management plan.
"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
"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
"I would recommend Cambridge Credit Counseling to anybody--they were awesome! There came a time when work was really slow and I was overwhelmed with bills that I was handling that I couldn't handle. Cambridge lowered the interest rate for me. I tried to make sure I had the money in there and it was spelled out pretty simple for me. It's not been a full month yet since my debts have been paid off but my life is now better. It feels good to have it paid off."
- Daniel - Bradenton, FL