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Cambridge Debt Consolidation Review

George Simons | December 02, 2022

Summary: Trying to straighten out your credit and resolve those old debts? Here's the Cambridge debt consolidation review you've been looking for to make the right decisions.

If you've been looking for debt consolidation services, chances are you've come across Cambridge Credit Counselling Corp. But what exactly is Cambridge, as the company is popularly known, and what services does it provide?

Here's a detailed Cambridge debt consolidation review, discussing everything you need to know about this agency.

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What is Cambridge Credit Counseling?

Cambridge Credit Counselling Corp is a certified and accredited non profit debt relief agency that helps individuals solve their debt problems. Common services offered by the company include:

  • Credit counseling
  • Debt consolidation
  • Debt management
  • Housing counseling
  • Foreclosure intervention
  • Reverse mortgage counseling
  • Bankruptcy counseling
  • Among others.

Cambridge helps clients reduce the interest rates on their debts, including monthly installments and the credit period, enabling them to clear their debts faster. They also offer free debt analysis services to clients conveniently on the phone in all 50 states of the US.

Besides, the agency boasts the following accreditations:

  • Member of National Foundation for Credit Counseling and the Financial Credit Counseling Association of America.
  • Approved by the US Department of Justice Executive Office of United States Trustees as a bankruptcy counselling service provider.
  • Approved by the Department of Housing and Urban Development (HUD) for mortgage housing-related services.

Similarly, individuals who enroll in the program are promised:

  • An average interest rate reduction from 22% to 8%.
  • An average reduction of $150 on monthly installments.
  • An average debt clearance period of 50 months.

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Cambridge debt consolidation services explained

Although Cambridge offers debt consolidation services, the company doesn't lend loans to its clients as part of its plans. Their debt consolidation plans don't require a loan to pay off the debts.

Additionally, clients only pay a single monthly installment for all their unsecured debts to the agency, which then distributes the money to all the creditors.

Cambridge also assures their debt consolidation clients an average interest rate reduction of 64%, saving about 25% of their initial monthly installments. As a result, in about 50 months, most debt consolidation clients become debt-free without filing for bankruptcy.

Cambridge debt consolidation fees

When choosing a debt relief agency like Cambridge, it's always important to consider their fees. The agency sets itself apart by providing free credit counseling services. Clients have a one-on-one debt analysis with an experienced counselor to help them determine the most efficient way of solving their debt problems, including debt consolidation services.

Suppose it's your first time seeking debt relief services. In that case, you'll benefit from this free debt analysis. Besides, it comes with a pre-set budget, which helps you decide whether debt consolidation is the right choice for you.

This is the basis of the agency's debt management plan; the fees for the plan vary from state to state. The start-up fee is usually $42, while the subsequent average monthly fee is set at $30.

Cambridge consolidates a wide range of unsecured loans, including credit cards and student loans. For student loans, in particular, the agency offers free overviews and advice on repayment options depending on the financial institution that issued the loan. Some of the solutions the organization seeks for student loans include:

  • Profession-based repayment plans.
  • Reduced monthly repayments.
  • Student loan cancellation, forgiveness, or discharge.
  • Income-based repayment plan.

In addition, clients receive a customized report explaining all their options for solving their student loans for both private and federal acquired loans.

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What makes Cambridge different?

You'll find several debt relief agencies that offer similar services as Cambridge. However, here are some of the unique features that set Cambridge apart.

Many debt consolidation agencies pose as nonprofit credit advisors but harbor hidden fees in the services they provide. For example, some may request a fee for debt analysis or consultation to explain your options. On the other hand, Cambridge informs their clients upfront of the fees charged for each service after offering a free review and analysis of their debt.

  • Fees. The agency charges an average initial fee of $40 and an average monthly fee of $30. However, the fees may vary from one state to another, depending on the state's regulations.
  • Free financial education. In addition to the services offered, Cambridge offers free financial education to its clients. This free service focuses on debt management but also touches on housing and student loans issues.
  • Reviews. Cambridge has over 150 verified reviews with an average of 4.9 stars on ConsumerAffairs. The agency also has an A+ rating on Better Business Bureau, which verifies customer reviews and complaints.
  • Experience. The company has been operating since 1996, helping many clients overcome bad debt and financial situations. It also claims to have the most competent counselors in the business with an average of 12 years of experience.

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Contacting Cambridge Credit Counseling

Cambridge is a Massachusetts-based company licensed to offer services to all 50 states of the US. Clients can also access their services online or schedule a free consultation with a certified counselor.

Cambridge's website also comes with user-friendly features, particularly for individuals with disabilities. For example, they can adjust the font, contrast, and color to suit their preferences. To call Cambridge for new inquiries, dial 800-235-1407 or 800-527-7595 for client services. You can also send them a message online or contact the specific department you wish to reach.

Final thoughts on Cambridge debt consolidation

Cambridge is a well-established debt consolidation agency with great reviews from clients. It's also satisfying to know that you have access to free debt review and financial education while in the program. So if you're struggling with debt and you need help coming up with a debt management plan, Cambridge is a great place to start.

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