Our History
Cambridge Credit Counseling is a 501(c)(3) not-for-profit agency offering a variety of services to help people with their financial challenges. Established in 1996, we’ve been providing credit counseling and financial literacy education to consumers nationwide since our inception, and have since added several services to our menu of offerings. Our services now include:
- Credit counseling and financial education
- Debt consolidation
- HUD-approved housing counseling services, including foreclosure intervention
- Bankruptcy counseling services approved by the Department of Justice’s Executive Office of US Trustees
- Reverse Mortgage counseling, approved by the Massachusetts Executive Office of Elder Affairs
- Student loan counseling
Our counselors have an average of over 14 years’ tenure with Cambridge and, in that time, have acquired and maintain national certifications through the National Foundation for Credit Counseling, the Partnership for Financial Education, NeighborWorks, and the United States Department of Housing and Urban Development. Considering their experience, knowledge and dedication, we consider our counselors to be experts in the financial counseling profession.
Our Services
Credit Counseling
Credit Counseling is a FREE SERVICE that we offer to consumers who are having difficulty paying their credit card, and other unsecured bills. The purpose of a credit counseling session is to identify the reasons someone is having trouble paying their bills. Our nationally and independently-certified credit counselors will analyze all income and expenses and come up with a personalized action plan based on that person’s unique situation. If this FREE DEBT ANALYSIS indicates that the consumer will benefit from enrollment on our Debt Management Plan, only then will the credit counselor offer one. There is never any obligation to enroll in a Debt Management Plan after a Credit Counseling session. Click here to learn more about Credit Counseling.
Debt Management Plans
After one of our certified credit counselors performs a thorough review of a consumer’s finances, and only if the consumer will benefit from it and can afford the payments, a debt management plan may be offered as a possible solution. Consumers who enroll in a debt management plan will make one simple monthly payment to Cambridge and we will send out payments to each of the creditors included on the plan. Creditors often offer certain benefits to help these consumers get out of debt quickly and with as little cost as possible. Our average debt management plan client saves 25% on their monthly credit card payments and are debt free in around 50 months. Click here to learn more about Debt Management Plans.
Housing Counseling
Cambridge is approved by the U.S. Department of Housing and Urban Development (HUD) to provide a variety of housing-related counseling services throughout the country. These services include Foreclosure Intervention & Default Counseling, rental counseling, and First-Time Homebuyer Courses. Click here to learn more about Housing Counseling.
Reverse Mortgage Counseling
CIn the wake of the recession, many seniors found themselves in a situation where they no longer had the retirement funds available to live comfortably through their golden years. Seniors age 62 and older may be eligible to use the equity in they’ve built up in their homes as a source of income through a reverse mortgage. In order for a reverse mortgage to be finalized, borrowers must complete a counseling session with an approved agency like Cambridge. We have one of the largest reverse mortgage counseling divisions at any one location in the country. We offer an impartial explanation of the pros and cons of a reverse mortgage so that the consumer can make an informed decision. Click here to learn more about Reverse Mortgage Counseling.
Student Loan Counseling
Student loan debt now ranks number two in terms of highest consumer debt, second only to mortgage debt. Many students leave school with the hopes of earning enough money to pay their student loans without issue, but many find that the repayment of these loans inhibits their ability to live financially stable lives. Thankfully, there are a variety of options to help borrowers repay their loans, but identifying the most appropriate course of action can be difficult and overwhelming. Our student loan counselors will review your financial profile and help you identify the best solution to your particular situation, and they’ll stick with you as a personal advocate for your best interests. Click here to learn more about Student Loan Counseling.
Bankruptcy Counseling
In the United States, anyone who files a bankruptcy petition must participate in educational courses before and after filing. Cambridge is approved by the U. S. Justice Department’s Executive Office of United States Trustees (EOUST)* to administer a pre-filing credit counseling course and a post-filing debtor education course. Our bankruptcy courses are both available online. Click here to learn more about Bankruptcy Counseling.
*Approval by the U.S. Department of Justice Executive Office of United States Trustees does not endorse or assure the quality of our services.
Financial Education
At the root of most financial problems is a lack of proper financial education. Financial literacy remains a subject that is rarely taught in our school systems, therefore people usually have to rely on their parents or the “school of hard knocks” to figure it all out. Regardless of which program consumers choose to enroll in, and even if they aren’t a client at all, everyone has access to our free financial literacy materials. We’ve got hundreds of articles, videos, guidebooks, and worksheets to not only assist you in taking control of your financial life, but also to provide the education you need to take with you for the rest of your life. Click here to visit our financial education center.