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. Under the federal Homeowners Protection Act, a homeowner with a conventional loan may ask the loan servicer in writing to cancel private mortgage insurance (PMI) once the loan balance reaches 80 percent of the home’s original value. To qualify, the homeowner must have a good payment history, be current on payments, and certify that there are no junior liens (such as a second mortgage) on the home. The lender may also require proof that the home’s value has not fallen below its original value. PMI must also be automatically terminated, without the homeowner having to request it, on the date the loan balance is scheduled to reach 78 percent of the original value. For PMI to end on that date, payments must be current; otherwise, it ends shortly after they are brought up to date. These rules apply to most conventional loans made on or after July 29, 1999, for a single-family home that is the owner’s main home; FHA loans have different rules. 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 800-857-2808 to start a free counseling session.

What a debt management plan actually does

How it works

1. 1

   Free Budget Review

   One-on-one counseling with a nationally certified credit counselor. We’ll review your income and expenses to fully understand your unique situation.

2. 2

   Customized Repayment Plan

   We’ll provide options based on your budget and, if appropriate, enroll you in our Debt Management Plan that’s designed to safely and quickly eliminate your debt.

3. 3

   One Monthly Payment

   Through our Debt Management Plan, we’ll consolidate your eligible unsecured debts into one simple monthly payment, sent to your creditors on your behalf.

4. 4

   Become Debt-Free Faster

   With reduced interest rates, fewer fees and expert guidance, our clients are debt-free, typically in less than 4 years, without bankruptcy or risky debt settlement.

You make one payment each month to Cambridge. Cambridge divides it between the accounts on your plan and pays them. Creditors usually agree to reduce the interest rate, though that is their decision and not every account is included. Your accounts are closed while the plan runs.

• 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

• NFCC Member Agencies register nfcc.org Checked 2026-08-28.
• Consumer Financial Protection Bureau, What is a debt relief program and how do I know if I should use one? consumerfinance.gov Checked 2026-09-18.
• How To Get Out of Debt, Federal Trade Commission consumer.ftc.gov Checked 2026-08-28.
• industry definition, NFCC nfcc.org Checked 2026-08-28.
• Consumer Financial Protection Bureau, What is the difference between credit counseling and debt settlement, debt consolidation, or credit repair? consumerfinance.gov Checked 2026-09-18.
• Consumer Financial Protection Bureau, What is credit counseling? consumerfinance.gov Checked 2026-09-18.
• CFPB consumer guidance consumerfinance.gov Checked 2026-08-28.
• Federal Trade Commission, How To Get Out of Debt consumer.ftc.gov Checked 2026-09-18.
• Less Than 20% Down on a House? Cambridge Credit Counseling Explains (Cambridge Credit Counseling’s own information).
• Cambridge Credit Counseling (Cambridge Credit Counseling’s own information).
• Nonprofit Credit Counseling at Cambridge Credit Counseling (Cambridge Credit Counseling’s own information).
• About Cambridge Credit Counseling | Nonprofit (Cambridge Credit Counseling’s own information).
• HUD-Approved Housing Counseling from Cambridge Credit Counseling (Cambridge Credit Counseling’s own information).
• Contact Cambridge Credit Counseling | Offices, Departments and Hours (Cambridge Credit Counseling’s own information).
• Bankruptcy Counseling and Debtor Education at Cambridge Credit Counseling (Cambridge Credit Counseling’s own information).