A Debt Management Plan, also called a "DMP", is a customized bill repayment program designed to help you pay down your debt in a reasonable amount of time with the least amount of cost to you. Working with each of your creditors, we will establish a debt management plan that consolidates each of your bill payments into one simple, affordable monthly payment. Creditors often extend a variety of benefits when you enroll in our debt management plan to help you reach your goal in becoming debt free. These benefits are easily obtained when working with a credit counseling agency.
To see if you qualify for a debt management plan, you will need to participate in a personalized, one-on-one debt analysis with one of our nationally-certified credit counselors. Our counselors will review your income and expenses, and provide you with options appropriate to your unique financial situation. If your financial assessment indicates that, despite your income, you won't be able to pay down your unsecured debt in a reasonable timeframe without significant concessions from your creditors; your counselor may suggest that you enroll in our debt management plan. However, our counselors will only offer a debt management plan if it is in your best interest.
Since Cambridge is a nonprofit agency; most creditors will offer certain benefits that could help you pay off your debts faster than you could on your own, typically within a 4-5 year timeframe. These benefits can include reducing your interest rates, bringing your past-due accounts current, and eliminating or reducing your late and/or over-limit fees. Clients of Cambridge receive an average of 64% reductions in their interest rates, and average monthly payment savings of 25%.
In addition to these benefits, you will also get the added advantage of having one of our professional, certified credit counselors available to guide you throughout your debt management plan enrollment. They will provide you with a free financial assessment to review your finances and construct an affordable payment plan with a pay date of your choosing, so that you can start working towards becoming debt free. You'll also have access to your account information online and you'll be able to speak with our experienced team of client services professionals who work diligently to ensure that all of your accounts are properly serviced throughout the course of your debt management plan.
Cambridge Credit Counseling has been providing credit counseling, debt management plans, and financial education services since 1996. Our credit counselors are some of the most experienced providers of debt management plan services in the country, averaging more than 12 years' experience. We are a 501(c)(3) non-profit agency with an A+ Better Business Bureau rating, and we're the top-rated debt management organization according to ConsumerAffairs.com. Cambridge is also a HUD-approved housing counseling agency, and we provide United Sates Justice Department approved bankruptcy counseling services and Massachusetts Executive Office of Elder Affairs approved Reverse Mortgage Counseling services. For a complete listing of license information, please visit our debt management plan disclosures page.