Cambridge's Debt Management Plan can simplify your debt repayment and help you get out of debt fast!
A debt management plan through Cambridge is a simple, safe way to consolidate your credit card payments and be debt-free fast! You could reduce your credit card interest rates, save money every month, AND STILL get out of debt much faster than you could on your own making just the minimum monthly payments. Some of the benefits of our debt management plan can include:
- Consolidating your credit cards and other unsecured debts into one simple monthly payment
- Reducing your credit card interest rates from an average of 22% down to just 8% (as low as 0%)
- Reducing your total monthly payments by an average of 25%, savings typical clients around $140 per month
- Eliminating your debts completely in an average of just 42 months
In order to find out how we can help you, one of our nationally certified counselors will need to perform a FREE debt analysis so that we can implement the most appropriate course of action for your unique financial situation.
What is a Debt Management Plan?
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.
Is a debt management plan the right option for me?
A Debt Management Plan, also called a "DMP", is a customized bill repayment program designed to help you pay down your debt in a reasonable amount of time with the least amount of cost to you. Working with each of your creditors, we will establish a debt management plan that consolidates each of your bill payments into one simple, affordable monthly payment. Creditors often extend a variety of benefits when you enroll in our debt management plan to help you reach your goal in becoming debt free. These benefits are easily obtained when working with a credit counseling agency.
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.
What are the benefits of a Debt Management Plan?
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 in less than a 4-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 reduction of 14 points in their interest rates.
These interest rate reductions will also allow many of our new clients to save money, too. Our typical clients save an average of $142 per month due to these interest rate reductions. This extra money can be used to either build savings or pay down other debt that you may not have included on the program. There are many other benefits to enrollment in our program, and your credit counselor will discuss them with you during your free consultation.
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.