Cambridge Credit Counseling Services in Massachusetts

Credit Counseling and Debt Management Plans for Massachusetts Residents#

Massachusetts residents can receive free credit counseling from Cambridge Credit Counseling, a nonprofit founded in 1996 with its office at 67 Hunt Street, Agawam, Massachusetts 01001. Certified counselors review your budget and debts, then explain your options, including a debt management plan that consolidates unsecured debts into one monthly payment. A debt management plan is not a loan and does not involve borrowing new money. 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 sets a plan’s monthly fee, and any setup fee, by what the household can afford, within the maximum each state allows; a counselor explains them before you enroll.

Debt Management Plans vs Debt Settlement in Massachusetts#

Cambridge Credit Counseling is a 501(c)(3) nonprofit agency accredited under the FCAA Code of Practice, approved by HUD, and a member of the National Foundation for Credit Counseling and the Financial Counseling Association of America. Massachusetts residents should know that debt management plans and debt settlement work very differently, both in how they treat your creditors and in what they cost.

Creditors on a debt management plan generally stop collection calls once payments begin. A plan also brings past-due accounts back to current status, which doing nothing does not do. Staying current on a plan avoids further late payments and charge-offs, and paying down debt while keeping accounts current rebuilds a payment history over time.

A debt management plan consolidates your enrolled accounts into one monthly payment, and Cambridge Credit Counseling works with your creditors to obtain the benefits they are willing to extend, such as a reduced interest rate, a reduced monthly payment, waived late and over-limit fees, and the re-aging of a past-due account back to current after three months of on-time payments. This is not a negotiation. Almost all of these benefits are preset guidelines creditors have already established for debt management agencies to follow. Under a debt management plan your balances are paid in full, with the concessions your creditors have put in place.

The risks of debt settlement

Debt settlement works differently, and it carries risks Massachusetts residents should understand. 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 settlement program, a consumer pays money into a special account periodically until enough has accumulated to offer a settlement on an enrolled account, and no monthly payments are made on those accounts while the money builds up. During that time, interest and late fees continue to be assessed, so the balance keeps growing, and the accounts fall past due and can age toward charge-off, which has a deep negative impact on a credit score and on future borrowing costs. Settlement company fees are charged on top of the settled amount, so a consumer who settles a $10,000 debt for $6,000 and pays a $2,000 fee has paid $8,000 in total. Debt settlement fees generally range from 15 percent to 30 percent of the savings or the settled amount, and successful settlements can range from 30 percent to 60 percent of the debt owed. By the time a settlement is reached, many balances have grown to the point where the settlement 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 when the savings are $600 or more the creditor sends a Form 1099-C to both the IRS and the consumer.

A debt settlement evaluation is also free and creates no obligation, but a settlement program charges fees too, typically calculated on the enrolled debt. A nonprofit agency’s fees are lower than a for-profit settlement company’s fees, both up front and over the life of the debt. On the balances and interest rates our clients actually brought us, the same debts would have cost $44,676 in interest and taken 272 months to pay off on their own. On a debt management plan, those same clients are projected to pay $4,936 in interest and our fees. Cambridge Credit Counseling does not offer debt settlement to Massachusetts residents.

The long-term credit impact

The long-term credit impact of a debt management plan is generally positive. Because you are not defaulting and are paying your debts in full, on-time payments bring your accounts current, and credit scoring models treat that positively. There is an initial impact on your credit score when accounts are enrolled and closed, and how large that impact is varies with how many accounts you enroll, how long they have been open, and what other trade lines appear on your credit report.

Student Loan Counseling for Massachusetts Residents#

Cambridge Credit Counseling offers student loan counseling to help Massachusetts residents understand their federal and private student loan options. A certified counselor can walk through your situation and explain the paths available to you.

Housing Counseling for Massachusetts Homeowners and Homebuyers#

Cambridge Credit Counseling is a HUD-approved housing counseling agency serving Massachusetts residents, including foreclosure help and 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, real estate taxes, and property insurance, known as PITI, plus private mortgage insurance in many cases.

• Homebuyers who put down less than 20 percent are usually required to carry private mortgage insurance, which protects the lender if the borrower defaults.
• Private mortgage insurance costs can range from 0.15 percent to 2.5 percent of the loan amount, depending on the lender.
• Once a mortgage reaches an 80 percent loan-to-value ratio, homeowners should tell their lender so private mortgage insurance premiums can be discontinued.
• Massachusetts residents who cannot afford a 20 percent down payment can contact a HUD-approved housing counseling agency to find out if they qualify for programs that help toward homeownership.

Cambridge Credit Counseling’s landlord education course in Massachusetts requires a one-on-one appointment, in person or by phone, to receive certification. The course costs $125.

Reverse Mortgage Counseling for Massachusetts Homeowners#

Massachusetts homeowners considering a reverse mortgage, also called a HECM, can receive counseling from Cambridge Credit Counseling to understand how the loan works and what it means for their finances before moving forward.

Bankruptcy Counseling and Debtor Education for Massachusetts Residents#

Cambridge Credit Counseling is approved by the Department of Justice to provide pre-filing bankruptcy counseling and post-filing debtor education to Massachusetts residents. 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.

How Massachusetts Residents Can Reach Cambridge Credit Counseling#

Massachusetts residents can call Cambridge Credit Counseling at 800-235-1407 to speak with a certified counselor, or visit Cambridge Credit Counseling’s office at 67 Hunt Street, Suite 305, Agawam, MA 01001. Cambridge Credit Counseling’s counselors are certified through the National Foundation for Credit Counseling and the Partnership for Financial Education.

Common questions

Is credit counseling free for Massachusetts residents?

Yes, credit counseling sessions at Cambridge Credit Counseling are free of charge for Massachusetts residents.

What is a debt management plan?

A debt management plan consolidates unsecured debts into one monthly payment administered by Cambridge Credit Counseling. It is not a loan and does not involve borrowing new money, and any concessions are set by each creditor, not by Cambridge Credit Counseling. Cambridge Credit Counseling sets a plan's monthly fee, and any setup fee, by what the household can afford, within the maximum each state allows; a counselor explains them before you enroll.

Does Cambridge Credit Counseling help Massachusetts residents avoid foreclosure?

Yes, Cambridge Credit Counseling is a HUD-approved housing counseling agency and offers foreclosure help and first-time homebuyer courses to Massachusetts residents.

How much does bankruptcy debtor education cost in Massachusetts?

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.

Where this information comes from

• Mortgage Downpayments| Cambridge Credit cambridge-credit.org Checked 2026-08-04.
• John Henle, Cambridge Credit Counseling, email of 24 September 2026; 28 CFR 58.21(b)(1) and 58.34(b)(1) Checked 2026-09-24.
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