AMERICAN CONSUMERS HELPED BY CAMBRIDGE CREDIT COUNSELING TELL THEIR STORIES

Credit counseling participants reveal how the economy has changed their lives.

Tremendous losses in 401(k) balances, historic numbers of foreclosures, and increasing credit card rates – it all sounds like a Hollywood screenplay about a financial apocalypse, but this is the reality that millions of Americans are experiencing today. Last week, Cambridge Credit Counseling president Christopher Viale reached out to a sampling of the tens of thousands of consumers his agency has counseled over the last six months, encouraging them to share their stories. Dozens responded, revealing how the economy has dramatically altered their lives. Many of these consumers would welcome the opportunity to speak with the media.

“The initial purpose of this outreach was to demonstrate that not enough is being done to help millions of hardworking Americans, and that we have a solution, Home Sweet Home, that deserves serious consideration,” stated Christopher Viale, President and CEO of Cambridge Credit. “In response, we received a number of very moving accounts from everyday people who will continue to struggle, despite the administration’s efforts.”

Cambridge sent the following message to individuals who had previously reached out to the agency for counseling.

“Over the last few weeks, our Home Sweet Home initiative has generated a good deal of interest in the news media. Within that time, I have worked to gain support for the initiative and to create awareness about the financial strain many of you and your loved ones may be experiencing. On St. Patrick's Day, I traveled to Manhattan to speak with reporters about the reforms we are championing, as well as the services Cambridge provides every day.

Several reporters have requested to speak with you, our clients. Specifically, the media would like to interview people who have experienced any of the following circumstances:

• The inability to qualify for the Obama Administration's housing program
• The inability to understand the requirements of the Obama Administration's housing program
• A reduction in your credit limit on your credit card(s), resulting in diminished credit scores, higher interest rates, and/or reduced access to credit
• The inability to maintain payments as a result of changes to the terms of your credit card account(s)
• Overtime, bonus or other wage reductions that resulted in difficulty keeping up with increases in the cost of living

If you've experienced any of these situations, please send me an e-mail outlining your circumstances. My address is cviale@cambridgecredit.org. I will read each and every one of your responses and do my very best to reply to you in a timely fashion. Additionally, I will share some of your stories with the reporters who reached out to us for information. Some members of the media may wish to conduct a brief telephone interview with you, so please indicate your willingness to speak about your circumstances, as well as the best time and telephone number to reach you, if you'd like to participate. I will provide you with advance notice in the event that your story is chosen.

I thank you in advance for your time and effort in helping us to bring focus upon the issues that are affecting you most in these trying economic times. Your participation is greatly appreciated and will help provide insight into the plight of struggling Americans.”

If you are writing a story about how the economy is affecting everyday people and wish to speak with any of those who responded to Cambridge’s query, please contact Christopher Viale at 413-821-6919 or cviale@cambridgecredit.org.

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 and the community, visit www.youtube.com/CambridgeCredit.

CAMBRIDGE PRESIDENT URGES MORTGAGE RE-WRITES TO SAVE HOMEOWNERS

Cambridge Credit Counseling President Christopher Viale announces Home Sweet Home initiative to help avert foreclosures and restore market stability

With Wall Street focused on the details of last week’s bailout, millions of American homeowners continue to struggle to avoid foreclosure. Throughout Tuesday evening’s Presidential debates, both candidates acknowledged the need to keep those on the verge of foreclosure in their homes. It is also important to recognize the significant number of homeowners in need of reductions in their monthly mortgage payments who are not yet facing delinquency. These are families living one financial setback away from disaster. Homeowners in this predicament are barely meeting their mortgage obligations and, as a result, have little or no discretionary income, preventing them from full participation in our economy as healthy consumers.

A number of rescue plans have recently been circulated to save American homeowners, and while they are certainly a piece of the puzzle, program costs and eligibility limit the scope of their possible effectiveness on a nationwide scale. As time runs out for ordinary Americans looking to stay in their homes, and before the credit crisis derails more of our economy, Cambridge Credit Counseling Corp. President Christopher Viale is proposing common-sense solutions from a consumer perspective. The Home Sweet Home initiative is Viale’s plan to help struggling homeowners, and it ultimately provides a measure of stability to the economy. Both the private sector and the federal government would be required to take action and make reasonable concessions for the strategy to be effective, and, though it may not be appropriate for every situation, Viale believes his plan could be a lifeline for many of those currently drowning in mortgage debt.

“Everyone in a position to share their expertise - politicians, financial executives, economists and others, must come to the table to help contribute solutions to this crisis. Our agency hears from thousands of consumers every month, and we know the kind of relief they need. The federal government is providing massive amounts of aid to banks, and we need that kind of effort at the consumer level, as well. I’m confident that Home Sweet Home could be an important part of the solution,” notes 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 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 and the community, please visit www.youtube.com/CambridgeCredit. or check out the Cambridge Credit Counseling Corp. financial literacy blog at http://www.cambridgecredit.blogspot.com/.

###

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.

###

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.

###

Community-based organizations combine efforts to help strengthen local families.

The financial challenges that face today’s consumers are unique in our country’s history. Credit card debt currently exceeds $900 billion dollars, energy prices are soaring, and personal savings rates are in the negative. Trying to successfully manage the average budget these days has become increasingly difficult, even for the most financially savvy consumer, and the consequences for those who aren’t can be devastating. To help consumers within its community who have special needs, Cambridge Credit Counseling Corp. has teamed with Clinical and Support Options, Inc. to provide financial counseling and education.

“I believe that the financial information and guidance Cambridge will provide to the adults and families we serve will have a positive effect on their everyday lives and help give them a measure of hope for a positive financial future,” stated Lee Weissman, Director of Fund Development for Clinical and Support Options, Inc. “Counseling and financial literacy can only make people stronger and more self sufficient, which is a perfect complement to CSO’s mission of enhancing lives and strengthening families.”

Cambridge will offer its wide array of credit and debt management services, including fundamental budgeting and planning advice, to help CSO’s clients regain control of their finances. In addition to financial literacy seminars, Cambridge will provide one-on-one counseling sessions for individuals who require personalized assistance in managing their debt and building savings.

"We are happy to be working with an agency of Clinical and Support Options’ stature,” remarked Christopher Viale, president of Cambridge Credit Counseling Corp. “CSO provides such a valuable service to the community, and the inclusion of Cambridge’s support to its members will truly help change lives in a positive manner.”