Thursday, August 21, 2008

CAMBRIDGE CREDIT HELPS PREPARE COLLEGE STUDENTS TO DEAL WITH CREDIT CARD DEBT

Cambridge Credit Counseling Corp., 67 Hunt St., Agawam, MA, 01001

FOR IMMEDIATE RELEASE

Contact: Thomas Fox
Cambridge Credit Counseling Corp.
413.821.6919
tfox@cambridgecredit.org

CAMBRIDGE CREDIT HELPS PREPARE COLLEGE STUDENTS TO DEAL WITH CREDIT CARD DEBT

America's college students face unparalleled challenges in dealing with credit card debt!

Agawam, MA –Thursday, August 21, 2008 -- As another summer comes to a close, more than 15 million college students are busy preparing to return to their college campuses. The rush to purchase school supplies and replenish wardrobes has become a familiar ritual, however, many college students are not as prepared when it comes to their financial choices. College student credit card debt is on the rise, but few young adults are ready for the long-lasting consequences that come with it.

The debt accumulated by today’s students already forces many of them to work longer hours than their counterparts in preceding generations, often resulting in reduced academic loads and increased dropout rates among undergraduates. In fact, after academic difficulty, the need to deal with troublesome debt has become the second-most cited reason that students interrupt the traditional four-year college track. And for those who do make it to graduation, heavy student loan burdens and credit card debt pose a challenge that will make life after college a bigger financial challenge than ever before.

“Graduation from college is a wonderful achievement for students and parents, but these days it’s often a stressful experience, as well. Today’s students come face to face with the prospect of repaying their student loan debt at a time when they’re just discovering the realities of independent living on an entry-level salary,” notes Christopher Viale, president and CEO of Cambridge Credit Counseling Corp. “When a student complicates matters by taking on more credit card debt than they can properly manage, they’re also pushing back the clock on buying a home and starting a family, the traditional benchmarks of the American Dream.”

Cambridge Credit Counseling distributes a free guidebook called Learn Now or Pay Later to help educate students and their parents about the fundamentals of credit, debt and personal finance. According to Viale, “The goal of our free e-guide is to empower young adults with the knowledge they need to make sound financial decisions, allowing them to build a strong foundation for success.” The guide can be downloaded at no cost from the company’s financial education website, www.goodpayer.com or by clicking download Learn Now or Pay Later e-guide.

Cambridge's education staff also conducts seminars on a variety of financial topics for colleges and universities. Interested parties should contact Martin Lynch at (413)-241-2401 for more information.

ABOUT CAMBRIDGE CREDIT COUNSELING CORP.
Cambridge Credit Counseling Corp. is a professional debt counseling agency, dedicated to educating young adults on the importance of sound financial management and to providing financially distressed Americans with education and debt management services appropriate to their needs. For more information on this article or to schedule an interview, please call 413-821-6919.

Visit Cambridge Credit Counseling Corp. online at http://www.cambridgecredit.org/. To learn more about Cambridge Credit Counseling Corp. and the community, please visit our YouTube page. For more helpful information, check out Cambridge’s Financial Literacy Blog.

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Thursday, August 14, 2008

CAMBRIDGE TO HOLD FIRST ANNUAL “BRING YOUR CHILD TO WORK DAY” IN RECOGNITION OF EMPLOYEE EFFORTS TO PROVIDE CREDIT COUNSELING

Cambridge Credit Counseling Corp., 67 Hunt St., Agawam, MA, 01001

FOR IMMEDIATE RELEASE

Contact:
Thomas Fox
Cambridge Credit Counseling Corp.
413.821.6919
tfox@cambridgecredit.org

CAMBRIDGE TO HOLD FIRST ANNUAL “BRING YOUR CHILD TO WORK DAY” IN RECOGNITION OF EMPLOYEE EFFORTS TO PROVIDE CREDIT COUNSELING

As public demand increases for credit counseling, Cambridge’s employees sacrifice to rise to the challenge.


Agawam, MA –Thursday, August 14, 2008 --The demand for credit counseling has risen over the last few months as the sub-prime lending crisis continues to plague the economy. To meet the needs of the public, Cambridge has instituted extended service hours to help those scrambling to make sound financial decisions. These longer hours have required that many of Cambridge’s personnel rearrange their schedules to accommodate helping those in the community -- taking time away from their families to do so. As Cambridge is a family orientated organization, President Christopher Viale wanted to show employee’s children the fantastic work their moms and dads are doing in the community.

“Our office has been inundated with calls from people who desperately need advice in managing their financial challenges. In an effort to meet callers’ needs, my staff volunteered to change their hours,” stated Viale. “Our employees have really stepped up to the plate in developing our extended service schedule -- Monday through Thursday 8:00 am –10:00pm, and Friday and Saturday 9:00 am to 5:00 pm Eastern Standard Time.”

The “Bring Your Child to Work” event will be held on Friday, August 15 and recognizes employee sacrifice to help the community. Throughout the day, children will have the opportunity to shadow their parents as they work to help individuals manage the stress that financial burdens create. The day itself will not be all work. “This day is a celebration of our family helping other families throughout America,” continued Viale. The employees at Cambridge have devised a fun filled day of arts and crafts, computer gaming and movies. The centerpiece of the event is the Pizza Picnic which will play host to a scavenger hunt, egg spoon, three legged and potato sack races and a rousing game of wiffle ball.

“Cambridge has undergone a lot of changes over the last decade, and our employees have hung in there with us. This is a small thank you to them, and their families, for believing in the wonderful work Cambridge has done in servicing over 2 million Americans in their quest to become debt free,” concluded Viale.

ABOUT CAMBRIDGE CREDIT COUNSELING CORP.
Cambridge Credit Counseling Corp. is a professional debt counseling agency, dedicated to educating young adults on the importance of sound financial management and to providing financially distressed Americans with education and debt management services appropriate to their needs. For more information on this article or to schedule an interview, please call 413-821-6919.

Visit Cambridge Credit Counseling Corp. online at www.cambridgecredit.org. To learn more about Cambridge Credit Counseling Corp. and the community, please visit
www.youtube.com/CambridgeCredit. For more helpful information, check out Cambridge’s financial literacy blog at www.cambridgecredit.blogspot.com.

Thursday, August 7, 2008

The proposed “Credit Cardholders’ Bill of Rights” may protect consumers, but becoming a financially literate society would help even more.

Cambridge Credit Counseling Corp., 67 Hunt St., Agawam, MA, 01001

FOR IMMEDIATE RELEASE

Contact: Thomas Fox
Cambridge Credit Counseling Corp.
413.821.6919
tfox@cambridgecredit.org

CAMBRIDGE CREDIT REMINDS CONSUMERS THAT UNDERSTANDING CREDIT IS THEIR BEST DEFENSE

The proposed “Credit Cardholders’ Bill of Rights” may protect consumers, but becoming a financially literate society would help even more.

Agawam, MA – August 7, 2008 -- Many Americans have been directly affected by the housing crisis over the past two years, and almost all of us are feeling the effects of higher prices and tighter creditor policies. Recent statistics indicate that many consumers have begun relying on their credit cards more often to meet their day-to-day expenses. Not surprisingly, credit card debt has spiked - the national personal total is approaching $1 trillion dollars - and account delinquencies are on the rise. There may be no better time to enact a Credit Cardholders Bill of Rights, and that’s precisely what Representative Carolyn Maloney (D-NY) has put before Congress.

“The Credit Cardholders Bill of Rights Act of 2008 is needed to protect consumers,” notes Christopher Viale, president and CEO of Cambridge Credit Counseling, a Massachusetts-based agency that assists financially troubled individuals nationwide. “This type of legislation can help ensure the economic prosperity of all Americans by shielding them from potentially harmful consequences they may not understand.”

Some of the key provisions of the Act include:

Elimination of Universal Default policies – A creditor would no longer be able to change the terms of its agreement with a cardholder if late payments are made to other lenders.

Arbitrary increases in interest rates minimized – A creditor would only be able to increase its rates as stipulated in the original contract with the cardholder.

Advanced notice of intended rate increases – If a creditor wants to increase the interest rate charged on an account, it would have to inform the cardholder at least 45 days in advance, and allow for the consumer to decline the increase by canceling the account. The balance would then have to be repaid at the interest rate currently being charged.

Over-limit management – Consumers would be able to prohibit their creditors from extending credit beyond the original terms of their contract, thus eliminating over-limit fees.

Elimination of double-cycle billing – Double-cycle billing allows a creditor to charge interest on the cardholder’s average daily balance by including the purchases from that billing cycle and those from the month before.

Sufficient notice of payment – Creditors would be required to mail statements at least 25 days in advance of the cardholder’s due date.

“It may sound cliché, but knowledge really is power,” commented Viale. “While this legislation is long overdue, so is the need for financial literacy. Many of the people in trouble today could have avoided difficulty if they knew the fundamentals of personal finance.”

Cambridge offers a host of FREE financial literacy materials at its goodpayer.com website. Individuals are encouraged to visit the site to download Cambridge’s Learn Now or Pay Later guides. Currently, these guides are offered in two versions – one for adults, and one for young adults. In addition, Cambridge offers a variety of financial literacy videos on its YouTube page, which can be accessed at www.youtube.com/CambridgeCredit.

ABOUT CAMBRIDGE CREDIT COUNSELING CORP.
Cambridge Credit Counseling Corp. is a professional credit counseling agency, dedicated to educating young adults on the importance of sound financial management and to providing financially distressed Americans with education and debt management services appropriate to their needs. For more information on this article or to schedule an interview, please call 413-821-6919.

Visit Cambridge Credit Counseling Corp. online at www.cambridgecredit.org. To learn more about Cambridge Credit Counseling Corp. and the community, please visit www.youtube.com/CambridgeCredit. For more helpful information, check out Cambridge’s financial literacy blog at www.cambridgecredit.blogspot.com.

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