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How can credit card debt consolidation help me?

Helping you consolidate your bills is only one of the many aspects of our debt management program. By enrolling in our program, you will enjoy the convenience of making just one simple monthly payment to our agency and we, in turn, will disburse individual payments to each of the creditors that you’ve included in your credit card consolidation.

Another great benefit of credit card consolidation through our agency is the monthly savings that many of our clients enjoy. In fact, the average new client that joins our program saves over $140 every month.

How does credit card consolidation work?

Our program is simple. If you qualify, we will consolidate all of your credit card and other unsecured debts into one simple monthly payment. When you speak with one of our counselors, they will perform a thorough review of your finances, discuss your goals, and work on a plan to get these debt paid off in under 50 months. In most cases, the monthly payment we establish for our clients will be lower than what you are currently paying. In fact, our average client's monthly payment is reduced by around $150 per month.

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When you work with a non-profit debt relief agency like Cambridge, you’ll be eligible for a variety of benefits that have been established through our relationship with your credit card company. Almost every major bank will offer some level of benefit for consumers who enroll in our program. These benefits usually include:

  • Interest rate reductions: On average, on their own, our typical clients are paying about 22% as an annual percentage rate on their credit cards. Through our program, creditors will reduce this interest rate to an average of 8%, which is a 64% reduction! Now, there will be a lot more of your monthly payment going toward paying off the actual balance instead of going toward paying the interest. This is how we are usually able to reduce your monthly payment while getting you out of debt faster than you could on your own.
  • Elimination of fees: Another great benefit of our debt relief program is the elimination of certain late and/or over-limit fees that you may have incurred. Some creditors will eliminate some of these fees which will lower your total balance, making it even quicker for you to get out of debt.
  • Re-Aging Past Due Accounts: If your account is being reported as past-due on your credit report, this could have a dramatic negative affect on your credit score. As a result of your enrollment with Cambridge, some creditors will start reporting your account as being current.
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