We've been getting people out of debt for over 20 years. Talk to a certified counselor to see how we can help you, too!
Cambridge is a non-profit credit counseling agency. We'll consolidate your credit card payments into one simple monthly payment. All you have to do is make one payment every month and we'll send payments to each of your credit card accounts. We have established relationships with nearly every credit card issuer, so when you consolidate your credit cards with us, you'll be eligible for certain benefits, helping you get out of debt in a very short time period.
Cambridge maintains an A+ rating with the Better Business Bureau and we are the highest-rated debt counseling agency in the country on ConsumerAffairs.com, based on reviews from our clients.
We have 40 nationally-certified counselors with an average tenure of nearly 15 years! Our counselors are experts in debt relief and have the experience to put you on the right path.
Our counselors maintain certifications in a variety of debt specialties and can offer solutions for credit card debt, housing debt, and student loan debt.
This credit card payoff calculator is a great tool to use if you’re looking to determine how long it will take you to pay off your credit cards at the interest rates you’re currently being charged. Another great thing about this calculator is that once you see how long it will take you at your current rate, you can then take a look at how long it will take you to pay off your balances if you had a reduced interest rate.
When you’re using this credit card payoff calculator, it’s important that you enter accurate information in order to get a realistic forecast. However, even if you don’t have precise information, this calculator will still give you an idea of what a reduction in your interest rates will do for your payoff time. For example, consumers who contact our agency have an average interest rate of 22%. Our clients, on the other hand, enjoy interest rate reductions down to an average of just 8%!
Here’s an example: If you have a balance on one of your credit cards of $4,000 with a 22% interest rate, but you’re only able to afford the minimum payment of $85.00, for example, it will take you 10 years and 8 months to pay off this balance. On the other hand, let’s say the interest rate was only 8% on that same balance (the average interest rate a Cambridge client pays); by making a payment of $85 per month, it will now only take you 5 years to pay off that same balance!
That’s not all. At a 22% interest rate, you’ll pay approximately $6,395 in interest during that decade. However, at an 8% interest rate on the same balance, you’ll pay only $865 in interest over just 5 years, saving you a total of $5,528! It’s easy to see the incredible amount of time and money you could save through our program.
Here are some of our recent client testimonials. Visit ConsumerAffairs.com to read more!
Cambridge Credit Counseling was great. I was drowning with my debts and they helped me out, I was just so distraught then. They got my bills under control and they handled all the stores that I had credit with. I pay them a certain amount, and they pay them off. It was really good. They were able to lower my interest rate and I got my congratulatory letter stating that I had satisfied all of my accounts. I was really relieved.
B. Spade, West Springfield, MA
Cambridge did wonderful. It was simple and easy with them. They worked everything out, then told me it would be this amount of money each month and we would be paid off in three years, which we are. I even got a friend of mine to also go with them. Cambridge did everything they said they were going to do.
B. Rhalley, San Diego, CA
I signed up with Cambridge Credit a couple of years ago. They consolidated four of my cards, lowered the interest rate on all of them, put me on a plan, and then I got a monthly update from them over the course of a couple of years. One by one, the cards got paid off, and I just finished paying off the last one. They sent me a certificate of completion and a record of all of the payments made and when they were made. It was very thorough. Their team was quick, helpful, and professional.
John, Flossmoor, IL
Here are some of the most frequently asked questions about our program. For additional information, please call us at (888) 569-6704
At no cost to you, our counselors provide a thorough budget analysis and evaluation to determine the advice needed for your situation. After we complete that full financial assessment and go over all your options, if you decide that a debt management program is right for you, we'll send you a full breakdown going over any fee you'd be charged, if any, and what you would be saving by using a DMP. If you choose to become a client, your fees will be based on the rules and regulations set by your state. And although our initial and monthly fees are capped at $75 and $50 respectively, our average initial fee is just $40.00, and the average monthly fee is only $25.22.
Debt Management programs (DMPs) traditionally assist individuals with credit cards, personal loans, past-due utilities for old/inactive accounts, student loans, collection accounts, lines of credit, payday loans, and medical bills.
Bankruptcy is a legal proceeding that individuals and corporations use to discharge many types of debt. Not all types of debt can be discharged, and individual states have their own rules. For more information on filing for bankruptcy, we recommend that you seek the advice of a reputable local bankruptcy attorney. They're usually listed separately in the yellow pages. We are a credit counseling service, here to give you advice and education to help you improve your financial situation and avoid bankruptcy, if reasonably possible.
According to FICO, the recognized authority in the credit scoring business, participation in a DMP is not a factor in your credit score; it is considered a neutral mark. Some creditors will report your participation to the credit bureaus after your accounts are closed, and there are still some lenders out there who will view this negatively, even though you're taking control and dealing with your situation. When you close the accounts enrolled in a debt management program, your credit scores will be reduced, though by how much it is impossible for us to calculate. The reduction is entirely dependent on the material in your credit report at that moment. Please bear in mind that, whether you're in our program or not, it's always recommended that you pay your bills on time as well as pay down your debt.