As a non-profit debt consolidation service, we’ve helped hundreds of thousands of people get the credit card debt relief they need to help them live more financially independent lives. Millions of people are still struggling to pay down their credit card balances, even after years of making their payments. There’s a reason people struggle to get the relief they need from credit card debt.
We talk to thousands of people every year who find themselves struggling to get out of credit card debt. The reasons can range from poor money management skills to a lack of financial literacy to just simply charging more than they can afford to pay off. It’s true; credit cards are great to have for an emergency if you lack savings. Let’s say your hot water heater breaks and you don’t have the money in savings to pay for a new one. You need hot water, so buying an item like this on a credit card may be the only way some of us could make that purchase.
However, many of us simply use credit cards inappropriately, or we don’t understand how easy it is to get behind. We’ve found that the one of the factors that contributes to credit card debt is that people don’t understand how minimum monthly payments work. Think about this: You make a $1,000 purchase on your credit card that charges an 18% annual percentage rate (APR). Your minimum monthly payment on this expense would only be about $25, depending on how your bank calculates the minimum payment. But if you were to make just the minimum monthly payment on this expense, it would take you about 113 months to pay this balance in full…a little under a decade!
There are plenty of debt relief options out there for people trying to get out of credit card debt, but debt consolidation from a non-profit agency is still the least expensive and most effective option to safely and responsibly pay down your debt. In the above example, we know that it will take close to 10 years to pay off a $1,000 purchase making the minimum monthly payment. Through our debt relief program, you can have this same balance paid off in just about 50 months…a little over 4 years! It may sound too good to be true, but it’s a fact. Plus, there are other benefits to using a program like ours to pay off your credit card debt. Throughout their enrollment, our typical clients also save an average of 25% on their monthly payments! So it can actually cost you LESS to pay off your debt while still doing so in about 4 years. Here’s how:
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.
In order to determine if you would benefit from a debt consolidation program, you’ll first need to speak with a certified credit counselor, which you can do by either completing the form above or by calling (800) 235-1407. Our counselors will provide a 100% FREE, no-obligation debt consultation to review your income and expenses, and determine spending habits that may have contributed to your credit card debt. They’ll work with you on creating a customized action plan that’s unique to your particular situation.
If our experts determine that you would get credit card debt relief from our debt reduction services, they’ll offer to consolidate your credit card bills into ONE SIMPLE MONTHLY PAYMENT. By consolidating your credit card bills with us, you may be eligible for a variety of program benefits, such as reduced interest rates, elimination of late and/or over-limit fees, and even re-aging past-due accounts to a current status. Plus, you’ll have the convenience of sending just one payment to us, and we’ll pay all of your credit card debts on your behalf every month.
There are several reasons why you’d want to choose Cambridge Credit Counseling for consolidating your credit card bills. For starters, Cambridge is one of the most experienced debt reduction services agencies in the country. Our certified counselors have an average of 13+ years' experience with our agency and they’ve helped hundreds of thousands of people find credit card debt relief. Cambridge also maintains an A+ rating with the Better Business Bureau and we’re proud to be the #1-rated debt consolidation services company in America according to ConsumerAffairs.com. We encourage you to read some of the many reviews on ConsumerAffairs.com,. These reviews are all from current or former clients that we’ve helped consolidate credit card bills over the years.
My wife introduced me to Cambridge - she had gone through them and they saved her a lot of money and they did the same for me. Most of my credit card debt that I went into was through a divorce I had back in 2006 to 2008 where I accumulated over $40,000 worth of credit card bills. To have that paid off in five years was a true blessing. It was nice to be able to save that much money and for everything to be legitimate and on the up and up.
Cambridge is the best. I consolidated years and years of debt before with Cambridge. Anytime I needed advice I did not mind calling. They were very good to me and would always send me emails. I might have to come back to Cambridge because I have been in and out of the hospital. I got so many hospital and doctor bills. My daughter was also with them. She's the one who recommended it to me.
I would recommend Cambridge Credit Counseling to anybody--they were awesome! There came a time when work was really slow and I was overwhelmed with bills that I was handling that I couldn't handle. Cambridge lowered the interest rate for me. I tried to make sure I had the money in there and it was spelled out pretty simple for me. It's not been a full month yet since my debts have been paid off but my life is now better. It feels good to have it paid off.
I had some accounts that were very past due and I couldn't get to catch up with paying my principal balance down, so I decided to go with Cambridge. They were able to lower my interest rate. The person that helped me out, Emma, was very helpful when I talked to her and we talked a few times with getting set up. And it's been great--it helped me out a lot. I finished the program already, and I'm definitely in a much better place than when I started.