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Getting into credit card debt is all too easy - in fact, it seems to be the new American way. Credit card debt is soaring and the average family’s burden increases every year. And even worse - credit card delinquency is up, rising from 3.5% in 2016 to 4.4% in 2017. Delinquency rates are seen as a key indicator of consumer stress and rates indicate a very stressful time for families! In fact, overall revolving credit debt, commonly referred to as credit card debt, is at the highest level ever seen.  Not good for consumers trying to achieve a balanced financial life.

Jordan Goodman talks with Christopher Viale, President and CEO of Cambridge Credit Counseling, a nonprofit licensed credit counseling agency, about credit card debt and some of the options people have for getting out of debt.

  • Credit counseling agencies can help consumers save money and hardship when the fit is right.

    • Unsecured debts are consolidated into one simple payment.

    • You make one payment per month to the agency.

    • The agency disburses payments to your creditors, on time, electronically.

    • The agency follows established creditor guidelines. Satisfying these can earn account benefits and concessions for the consumer.
       

  • Possible benefits include significantly reduced interest rates, the waiver of late or over-limit fees, the re-aging of accounts, and the convenience of one easy payment.

  • Peace of mind, knowing that you’re working with your creditors’ approval, not settling debts or risking legal action at any time.

  • You won’t be rushed. The program is set up so that you can pay off your debt in a 4- to 5-year time frame.

  • Very affordable! If the program is right for you, the monthly fee is usually between $20-30 per month with a $40-50 start-up fee. These can be waived in cases of hardship.

  • Consumers may save hundreds of dollars each month in interest.

 

For more information, Cambridge Credit Counseling’s website is  www.cambridge-credit.org. Their e-mail address is info@cambridgecredit.org, or you can call them toll free at 800-897-2200.

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