Although the economy has forced many consumers to tighten their spending, they are eager to manage their debt.
Agawam, MA (PRWEB) June 29, 2011
Cambridge Credit Counseling today released its second Debt Relief Performance Report. The report is a key component of Cambridge’s “Transparency Project,” a campaign to empower consumers, create an industry standard for reporting client performance data, and educate policymakers about the value consumers receive through debt relief programs.
Among the more interesting aspects of the 2nd Transparency Project release is the reported increase in individuals seeking assistance due to loss of income. In 2010, roughly half (49.5%) of the individuals who reached out to Cambridge for help had lost some or all of their wages. In the first quarter of 2011, that number skyrocketed to 62.4%.
“Although the economy has forced many consumers to tighten their spending, they are eager to manage their debt,” noted Cambridge’s President Christopher Viale. “The biggest challenge that consumers face is finding reliable assistance; thankfully, there are many reputable non-profit services ready to help.”
Cambridge’s report (http://www.cambridge-credit.org/transparancy.html) defines a variety of key measures that collectively enable consumers to gauge the typical results of working with the agency. Statistical highlights of Cambridge’s latest report include:
- 96.87% of Cambridge clients’ common creditors are properly enrolled by their 4-month audit.
- The average initial fee for First Quarter 2011 enrollees was $39.96.
- The average monthly fee for First Quarter 2011 enrollees was $25.22.
- Cambridge waived or reduced 31.94% of initial fees and 36.29% of monthly fees in the First Quarter.
- 90.4% of new clients continued to develop their budget.
- 93.5% of new clients were tracking their expenses.
- 81.3% of new clients also developed a plan to build savings.
- 75.0% of long-term clients had revised their budget within the last 6 months.
- 88.2% of long-term clients had tracked their expenses during the last 6 months.
- 31.3% of long-term clients were able to build savings during the last 6 months.
The intention of the agency’s Transparency Project is to help create an open and honest environment within the debt relief profession, and it is Cambridge’s hope that that these efforts are reviewed and embraced by other companies. Cambridge once again invites any agency with questions about this initiative to contact them at (888) 694-7491, or at transparency(at)cambridgecredit(dot)org.
About Cambridge Credit Counseling
Cambridge Credit Counseling Corp. is a professional housing and credit counseling agency dedicated to improving the financial literacy of young adults, and to providing financially distressed Americans with education and debt management services appropriate to their needs. Visit Cambridge Credit Counseling online at http://www.cambridgecredit.org. To learn more about Cambridge Credit Counseling’s community initiatives, please visit http://www.youtube.com/CambridgeCredit.
Cambridge Credit Counseling Corp.
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