We Can’t Afford Our Cambridge Credit Counseling Payment. – Kara

“Dear Steve,

My husband and I have almost $60K in credit card debt. We are on a program through Cambridge Credit to pay off in 5 years. Problem is, the monthly payment of $1700 is getting to hard to afford and we have wiped out our saving trying. We do have good income, but we are in the negative after paying all our expenses. We are seriously thinking about Debt Relief companies (those who work to lower your debt) but I have head horror stories. Should we consider them and what do we need to look out for? How do we recognize a scam?


Dear Kara,

Well it sounds like the credit counseling approach is not best suited for you at this point. Did you have a reduction in household income or an increase in expenses that made things difficult since you enrolled with Cambridge?

It would be a mistake to reach into your savings to try to make ends meet if you can’t afford the debt management payment on your regular income.

I think your should call your counselor at Cambridge and discuss the situation in an open way. They are not going to judge you for not being able to make the payment. You won’t hurt their feelings.

But before you jump to some magical debt relief solution you need to click here to find a local bankruptcy attorney and discuss your situation.

Please update me on your progress by

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

1 thought on “We Can’t Afford Our Cambridge Credit Counseling Payment. – Kara”

  1. Hello Kara,

    At Cambridge, we are committed to providing a rewarding debt management experience. If you are having difficulties with your payment, our staff will work with you to weigh appropriate options. As for debt settlement, it is an option that traditionally works best if you have the cash on hand to settle. Many debt settlement programs establish a payment plan that often forces you to fall behind on payments as the service requires you to build the necessary funds in order to make your cash offer. The FTC has recently passed new rules governing debt settlement, and Cambridge is among those trying to educate the public as to the pitfalls of using such services. While there are reputable agencies offering debt settlement, they are far and few between. To learn more about debt settlement, please visit http://www.cambridgecredit.org to view our series “The Truth About Debt Settlement.” In the meantime, please contact our office at 1-800-527-7595 and one of our representatives will review your account. Have a great day.

    Thomas J. Fox ACC, CEPF
    Community Outreach Director
    Cambridge Credit Counseling Corp.


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