Cambridge Credit Counseling in Maine

Cambridge Credit Counseling’s Maine License#

Cambridge Credit Counseling Corp is registered in Maine as a Debt Management Service Provider, license number DMS5616, regulated by the Maine Department of Professional and Financial Regulation Bureau of Consumer Credit Protection. This license allows Cambridge Credit Counseling to offer debt management plans and credit counseling to Maine residents under state oversight.

Free Credit Counseling and Debt Management Plans in Maine#

Maine residents can receive a free credit counseling session from Cambridge Credit Counseling Corp, a 501(c)(3) nonprofit founded in 1996 and headquartered in Agawam, Massachusetts. A debt management plan consolidates unsecured debts into one monthly payment administered by the counseling agency. It is not a loan and does not involve borrowing new money. Creditors on a debt management plan generally stop collection calls once payments begin, and a plan brings past-due accounts back to current status, which doing nothing about the debt does not. On a debt management plan, almost all concessions such as reduced interest rates or waived fees follow preset guidelines set by each creditor, not by Cambridge Credit Counseling. In some cases they can vary based on the level of hardship in the budget, and certain accounts may not be eligible for them. Cambridge Credit Counseling is a 501(c)(3) nonprofit accredited to the FCAA Code of Practice, HUD-approved, and registered in Maine as a debt management service provider. It is also a member of the National Foundation for Credit Counseling, and its counselors are certified.

Housing Counseling for Maine Homeowners#

Maine residents can access housing counseling from Cambridge Credit Counseling Corp, a HUD-approved housing counseling agency. This includes first-time homebuyer courses. A mortgage is a long-term secured loan in which the home serves as collateral, and a monthly mortgage payment typically includes principal, interest, taxes, and insurance, known together as PITI, plus often private mortgage insurance. Maine homebuyers who put down less than 20 percent must get private mortgage insurance, which can usually be eliminated once the loan reaches an 80 percent loan-to-value ratio and the lender is notified. Private mortgage insurance costs vary by lender, ranging from 0.15 percent to 2.5 percent of the loan amount. Maine homebuyers who cannot afford a 20 percent down payment can contact a HUD-approved housing counseling agency like Cambridge Credit Counseling to check whether they qualify for special homeownership programs.

Reverse Mortgage, Student Loan, and Bankruptcy Counseling in Maine#

Maine residents can also receive reverse mortgage (HECM) counseling, student loan counseling, and bankruptcy counseling with debtor education certificates through Cambridge Credit Counseling Corp. Cambridge Credit Counseling is approved by the Department of Justice to provide pre-filing bankruptcy counseling and post-filing debtor education. Bankruptcy counseling and debtor education each cost $50.00 per household per session and are available free or at a reduced rate based on ability to pay. The fee is per household, not per person, so a married couple filing together pays once. Households with income below 150 percent of the federal poverty guidelines for their household size are presumed eligible for a fee waiver. Households above that line may still qualify for a reduced fee if they can show a temporary financial hardship, such as a recent job loss or drop in income, unexpected medical costs, disability, separation or divorce, the death of a household wage earner, or another documented financial circumstance that significantly impacts the household’s ability to pay. Waivers and reductions are assessed on the household’s current income, expenses and overall financial condition, and Cambridge Credit Counseling will not refuse services to anyone due to inability to pay.

Approval by the U.S. Department of Justice Executive Office of United States Trustees does not endorse or assure the quality of our services.

What Cambridge Credit Counseling Does Not Offer in Maine#

Cambridge Credit Counseling Corp does not provide debt settlement to Maine residents. Debt settlement means negotiating to pay less than the full balance owed, and it is typically offered by for-profit companies. There is no legal right to settle a debt in the United States, and a creditor is not obliged to accept a settlement offer. On a debt settlement program, a consumer pays money into a special account periodically until enough has accumulated to offer a settlement on an enrolled account. While that money is accumulating, no payments are made on the accounts, so they fall past due and age toward charge-off, and late fees, possible over-limit fees, and penalty interest rates can push the balance higher. This period of non-payment can have a deep negative impact on a consumer’s credit score and on the cost of future borrowing. Settlement fees are generally charged when a settlement succeeds and can range from 15 to 30 percent of the savings or of the settled amount, and by the time a settlement is reached, the fees plus the settled amount can come close to the original debt owed at enrollment. Unless the consumer is insolvent, any debt forgiven in a settlement is taxable as income and the consumer receives a Form 1099-C.

How a debt management plan differs

A debt management plan works differently. Cambridge Credit Counseling’s counselors work with creditors, not against them, to obtain the benefits those creditors are willing to extend, such as a reduced interest rate, a reduced monthly payment, waived late and over-limit fees, and the chance to bring a past-due account back to current after three months of payments. Under a plan, balances are paid in full, with these concessions in place, rather than settled for less. A plan can have an initial impact on a credit score, generally because the enrolled accounts are closed, but the long-term credit impact is generally very positive, because the consumer is not defaulting and is paying debts in full, and on-time payments are reflected positively in credit scoring models.

What each costs to start

A credit counseling session with Cambridge Credit Counseling is free, and a debt settlement evaluation elsewhere is generally free too and creates no obligation. The real difference is that Cambridge Credit Counseling, as a nonprofit counselor, is not selling anything. For-profit settlement programs typically charge fees based on the amount of debt enrolled, while Cambridge Credit Counseling sets a plan’s monthly fee, and any setup fee, by what the household can afford, within the maximum allowed under Maine law; a counselor explains them before you enroll. Maine residents who work with Cambridge Credit Counseling receive credit counseling and debt management plans instead.

Contact Cambridge Credit Counseling in Maine#

Maine residents can call Cambridge Credit Counseling Corp at 800-235-1407 to start a free counseling session.

What a debt management plan actually does

• Interest paidOur typical client would have paid $44,676 in interest on their own, against $4,936 in interest and our fees on the plan
• Interest ratesCreditors cut them from 28.99% to 7% on average
• Monthly payment35.7% lower on average, or 31.1% after our fees
• Time to pay off38 months on average, against a 52-month plan

Cambridge Credit Counseling client data: 6,809 enrollments in the year to 30 June 2026, and 1,434 plan completions in 2025. Prepared by Brian Vosburgh, Director of DMP Operations, September 2026.

Your own result depends on your debts, your budget and what your creditors agree to.

Common questions

Is Cambridge Credit Counseling licensed to serve Maine residents?

Yes. Cambridge Credit Counseling Corp holds a Debt Management Service Provider Registration, number DMS5616, regulated by the Maine Department of Professional and Financial Regulation Bureau of Consumer Credit Protection.

Does Cambridge Credit Counseling charge for credit counseling in Maine?

No. Credit counseling sessions from Cambridge Credit Counseling are free of charge for Maine residents.

Can Maine residents get help with a mortgage or foreclosure through Cambridge Credit Counseling?

Yes. Cambridge Credit Counseling is a HUD-approved housing counseling agency and offers first-time homebuyer courses to Maine residents. Cambridge Credit Counseling provides foreclosure help only to residents of Massachusetts, Connecticut, New York, Missouri and Kansas, so Maine homeowners facing foreclosure can find a HUD-approved housing counselor in their area at HUD.gov.

Does Cambridge Credit Counseling offer debt settlement in Maine?

No. Cambridge Credit Counseling does not offer debt settlement in Maine. It offers credit counseling and debt management plans, which work with creditors to pay balances in full rather than negotiate them down, and which are different services from debt settlement.

Where this information comes from

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