At a Glance
Rating Breakdown
Performance Overview
Scores out of 5, based on our editorial analysis
About Cambridge Credit Counseling
Cambridge Credit Counseling Corp is a 501(c)(3) nonprofit credit counseling agency founded in 1996 and headquartered in Agawam, Massachusetts. With nearly three decades in operation, Cambridge has served over 2 million consumers and is one of the longest-standing nonprofit credit counseling organizations in the United States. The agency is accredited by the Council on Accreditation (COA) and approved by HUD for both pre-bankruptcy counseling and debtor education. Cambridge's primary service is debt management plans (DMPs) where they negotiate interest rate reductions with creditors and consolidate your monthly payments into a single amount. Because they have been negotiating with the same creditors since the mid-1990s, Cambridge has some of the deepest institutional relationships in the nonprofit counseling space. That history translates into reliable rate concessions — when Cambridge calls Citi or Capital One, those creditors know exactly who they are dealing with and what rate bands apply. The agency also provides housing counseling, student loan counseling, and financial education programs. Their counselors hold certifications through the NFCC and the Association for Financial Counseling and Planning Education (AFCPE). Cambridge operates on a sliding-scale fee model, with monthly DMP fees typically ranging from $25-$50 and setup fees that can be waived for demonstrated hardship.
Key Features
Three Decades of Creditor Relationships
Cambridge has been calling the same creditor desks since 1996. That kind of track record means faster enrollment, more reliable rate concessions, and fewer creditor participation rejections than newer agencies experience.
COA Accreditation
Council on Accreditation reviews Cambridge's operations, outcomes, and consumer protections. It is a meaningful quality stamp that requires ongoing compliance — not a one-time checkbox.
Housing & Student Loan Counseling
Beyond credit cards, Cambridge offers HUD-approved housing counseling (pre-purchase, foreclosure prevention) and student loan counseling to help navigate federal repayment and forgiveness programs.
Sliding-Scale Fees
Monthly fees are $25-$50 based on your ability to pay. Setup fees can be waived. They do not charge based on your debt amount — a person with $50,000 in debt pays the same monthly fee as someone with $10,000.
Certified Counselors
Every counselor holds NFCC or AFCPE certification. They are trained to look at your full financial picture, not just the debts you called about.
How It Works
Free Counseling Session
Speak with a certified counselor by phone or in person. They review your debts, income, and expenses and recommend the best option for your situation.
DMP Proposal
If a DMP fits, Cambridge creates a detailed proposal showing reduced interest rates, new monthly payment, and projected payoff timeline.
Creditor Enrollment
Cambridge contacts each creditor to enroll your accounts. Most major issuers accept within 1-2 billing cycles based on Cambridge's long-standing relationships.
One Monthly Payment
You send one payment to Cambridge each month, and they distribute it to all enrolled creditors on time.
Debt-Free
The plan runs 3-5 years. At the end, all enrolled debts are paid in full with a clean payment record.
What They Do
- Credit Counseling
- Debt Management Plans
- Bankruptcy Counseling
- Housing Counseling
- Student Loan Counseling
- Financial Education
Debt Types They Take On
- Credit Cards
- Medical Bills
- Personal Loans
- Store Cards
- Collections
Fee & Cost Structure
Regulatory & Trust
Review Summary
Notable Case Studies
Dual-Income Household Credit Card Overextension
Married couple with combined income of $8,200/month had accumulated $54,000 across 7 credit cards (mix of joint and individual accounts) with rates from 21-28%. Combined minimums of $1,620/month consumed nearly 20% of gross income. Both spouses had good employment stability but had overextended during a home renovation.
Single Parent Post-Unemployment Recovery
Single mother of two with $19,000 in credit card debt accumulated during 8 months of unemployment. Had returned to work at $3,400/month but could not keep up with minimum payments of $620/month at 24-28% interest while covering childcare, rent, and essentials.
Pros & Cons
Pros
- Nearly 30 years of creditor relationships — Cambridge gets reliable rate concessions from major issuers that newer agencies may struggle to match
- Sliding-scale fee structure with hardship waivers makes the DMP accessible regardless of financial situation
- COA accreditation and HUD approval provide meaningful third-party quality validation beyond a BBB rating
- Offers housing and student loan counseling in addition to credit card debt, making it a full-service financial counseling resource
- Very low CFPB complaint volume (22 in 3 years) across 2 million+ clients served
Cons
- Like all DMPs, you repay 100% of principal — no balance reduction. This only works if your core problem is interest rates, not inability to repay at all
- 3-5 year timeline requires sustained commitment and discipline — dropout rates across the DMP industry run 40-50%
- Closing credit card accounts is typically required, which can temporarily impact credit scores and eliminates your credit line safety net
- Website and technology feel dated compared to newer fintech-oriented competitors — limited online portal functionality
- Phone-based counseling model may not appeal to consumers who prefer chat or app-based communication
User Reviews (11)
been around forever for a reason
Cambridge has been doing this since before most of these online companies existed. My counselor knew exactly what rates every creditor would give. No surprises. Enrolled 6 cards, all rates dropped to under 5%.
solid but old school
The service is solid but everything is very phone-based. No app, the online portal is basic. If you want a modern digital experience look elsewhere. If you just want your interest rates dropped and someone reliable distributing payments, Cambridge does the job.
graduated!
4 years and 2 months. Done. Paid back everything I owed with almost no interest. Credit score is 740 now, higher than before I enrolled. The discipline was worth it.
saved me from bankruptcy
My attorney told me to file Chapter 7. Cambridge counselor ran the numbers and showed me a DMP would work. Three years later Im debt free, no bankruptcy on my record. Thank you Susan.
would recommend
Would recommend.
counselor was honest
My counselor told me upfront that one of my creditors (a credit union) probably would not participate. She was right — they didnt. But I appreciated the honesty instead of finding out after enrollment.
doing ok so far
18 months into a 48 month plan. Interest rates went from 25% average to 3% average. Hard to argue with those numbers. Just a long road ahead.
meh
It works. Its not exciting. You pay them, they pay your creditors. Rinse and repeat for 4 years.
website looks like 2005
Their website looks like it was built in 2005. I could not figure out how to log in to check my account. Had to call and wait on hold for 20 minutes. In 2024 there is no excuse for not having a functional online portal. The actual service was fine but the technology is embarrassing.
wish I had known about closing cards
They close all your credit card accounts. I get why — so you dont add more debt — but nobody explained that clearly during the counseling session. My score dropped 35 points from losing the available credit. It bounced back after 8 months but I would have appreciated the heads up.
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Important Credit Counseling Disclaimers
- Credit counseling and debt management plans (DMPs) require you to repay 100% of your principal balance. You may receive reduced interest rates and waived fees, but the total principal owed does not decrease.
- Enrolling in a DMP may require you to close credit card accounts, which can temporarily lower your credit score by reducing your available credit and increasing your utilization ratio.
- Monthly DMP payments are typically distributed to creditors by the counseling agency. If the agency fails to make timely payments on your behalf, your credit can be damaged. Verify the agency's payment track record before enrolling.
- Not all creditors participate in DMP programs. Some may refuse to lower interest rates or waive fees. You remain legally obligated for the full debt regardless of creditor participation.
- Credit counseling agencies charge monthly fees (typically $25-$75) and sometimes setup fees ($0-$75). Nonprofit status does not mean services are free.
- A DMP typically takes 3-5 years to complete. Early termination may result in creditors restoring original interest rates retroactively on remaining balances.
- Zogby does not provide credit counseling services. We are an independent comparison service. We do not negotiate with creditors on your behalf or manage debt management accounts.
This page is informational, not financial or legal advice. Talk to a qualified professional before making any big money decisions.
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