Is Nonprofit Credit Counseling Worth It?

What Cambridge Credit Counseling Offers#

Cambridge Credit Counseling Corp is a 501(c)(3) nonprofit organization founded in 1996 and headquartered in Agawam, Massachusetts. Cambridge Credit Counseling offers credit counseling, debt management plans, housing counseling, student loan counseling, reverse mortgage counseling, and bankruptcy counseling.

The Cost of Credit Counseling#

Credit counseling from Cambridge Credit Counseling is a free service for consumers who are having difficulty paying credit card and other unsecured bills. Cambridge Credit Counseling also does not charge for foreclosure intervention counseling, offering it as a free service because it is a nonprofit, HUD approved agency.

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.

Possible Benefits#

One of the most significant benefits creditors typically extend to clients of a consumer credit counseling agency such as Cambridge Credit Counseling is a reduction in credit card interest rates. A debt management plan can also give you one simple lower monthly payment. There is never any obligation to enroll in a Debt Management Plan after a credit counseling session at Cambridge Credit Counseling, since a debt management plan is only one possible outcome of that session, not the counseling itself.

Certifications and Standards#

Cambridge Credit Counseling is a member of the National Foundation for Credit Counseling and the Financial Counseling Association of America, and Cambridge Credit Counseling is accredited to the FCAA’s Code of Practice, a set of rules governing the actions of credit counseling agencies. Counselors at Cambridge Credit Counseling hold certifications that include NFCC Certified Credit Counselor, HUD-Certified Housing Counselor, HUD-Approved Reverse Mortgage Counselor, and PFE Certified Debt Management Professional.

Who This Might Not Suit#

Cambridge Credit Counseling Corp is a nonprofit agency, is not a loan company, and does not lend money. Anyone who needs to borrow funds directly, rather than get counseling, education, or budgeting support, will need a different kind of service than what Cambridge Credit Counseling provides.

What to Do Next#

Credit counseling sessions at Cambridge Credit Counseling are free of charge, and there is never any obligation to enroll in a debt management plan afterward. If you are dealing with credit card debt, housing concerns, or student loans, a free counseling session with Cambridge Credit Counseling can help you understand your options.