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.

WAITING FOR GEITHNER: CAMBRIDGE CREDIT COUNSELING COMMENTS ON WHAT’S TO COME FOR MORTGAGE RELIEF

Treasury Secretary Geithner’s plan to “leverage and mobilize private capital” along with government funds to help take $500 billion worth of distressed assets off the balance sheets of the nation’s troubled banks did little to encourage the markets. The specifics of the Administration’s proposal have yet to be revealed, but, according to Christopher Viale, President of Cambridge Credit Counseling Corp., the plan reveals Geithner’s likely thinking about how his department intends to help the millions of homeowners facing foreclosure.

For Viale, whose “Home Sweet Home” initiative is designed to stave off the next wave of mortgage foreclosures and keep as many people in their homes as possible, Geithner’s approach will also, he hopes, be a public-private solution. “The problem is too big for government alone,” said Viale. “But until we see the specifics from Treasury on exactly how mortgage relief will work, I’m concerned that their approach might not go far enough. America needs a relief plan that provides options to homeowners beyond the group that is already in default. There are millions more Americans who are barely making their monthly payments.”

Viale should know. Cambridge Credit Counseling is a professional debt counseling organization that helps educate Americans on the importance of sound financial management. Cambridge, which has counseled well over 1.5 million consumers, is on the front lines of the country’s economic meltdown. Viale’s “Home Sweet Home” initiative hinges on a “50/40” concept: rewriting mortgages out to terms as long as 50 years and reducing the monthly payment by as much as 40%. The result would enable consumers in financial difficulty to meet their financial obligations – mortgage payments, credit cards, medical costs, establish personal savings and remain productive in the economy. "Preventing foreclosures and helping consumers pay their bills doesn’t just stabilize the economy, it’s a form of stimulus in itself,” said Viale.

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/.

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Free e-guide from Cambridge Credit Counseling offers comprehensive advice to save on gasoline.

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

Agawam, MA – Friday, June 20, 2008 – Over the last few months the counselors at Cambridge have witnessed an increase in concern regarding the impact of record gasoline costs. Many Americans are having tremendous difficulties in managing the rising costs of travel within their already tight budgets. To assist the public with the burden of gasoline costs, Cambridge has developed the Driving as if Your Budget Depends on It e-guide. This guide discusses various options to reduce gas usage and protect your budget in these challenging economic times.

“So many individuals are feeling the crunch at the pump that we felt compelled to develop this insightful guide,” stated Christopher Viale, president and CEO of Cambridge Credit Counseling Corp. “These tips are but among the many solutions consumers can implement to manage the demand gasoline has upon their finances.”

To receive a FREE download of Driving as if Your Budget Depends on It, please visit http://www.cambridgecredit.org/. As always, Cambridge’s Certified Credit Counselors are prepared to help the public should they need further assistance in creating a workable budget. To speak to a Certified Counselor, please call 1-800-CAMBRIDGE.

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 the Cambridge Credit Counseling Corp. Financial Literacy blog at www.cambridgecredit.blogspot.com.

Save Some Green by Thinking Green

by Thom Fox
Community Outreach Coordinator
Cambridge Credit Counseling Corp.

Global warming has been the focus of a great deal of attention recently, from full-length documentaries to world-wide concert broadcasts urging consumers to “think green.” But what if there were a way to help the environment and save money in the process? Well, there is and it’s quite simple – avoid impulse purchases.

Every day, advertisers urge consumers to spend their money on the newest, most advanced products, and many people have difficulty resisting such temptations. That’s because shoppers typically focus on their wants, not their needs. Beyond such unnecessary spending, however, is the obvious fact that every MP3 player, laptop, PDA or other gadget has to come from somewhere on the planet, and additional energy must be expended to bring these products to market. Despite the best efforts of manufacturers and shippers, there are tremendous amounts of waste involved in the processes that create and deliver the goods we seem to think we can’t live without.

For example, the creation of a desktop computer requires more than 700 different materials, including metals that must be mined, oil that has to be extracted from wells, and chemicals that must be produced in factories. The manufacturing processes that combine these resources also require large amounts of energy, mostly involving the burning of fossil fuels. This often results in the release of CO2 and other pollutants into the air, contributing to the planet’s natural greenhouse effect. In fact, for every pound of electronics in a typical computer, an astounding 8,000 pounds of solid and liquid waste are created!

Analyzing your wants and needs not only helps curb your reliance on credit, it can also be good for the environment.

To learn more about Cambridge Credit Counseling Corp., please click here.