Cambridge Credit Counseling, Credit Counseling
Cambridge Credit Counseling, Credit Counseling –
Today on The View, Money Expert Jordan Goodman talked about the new credit card laws, and how they will affect consumers.
The new laws were actually supposed to keep consumers from getting ripped off by credit card companies, but they have led to companies increasing their fees and rates. Today, the Card Holder’s Bill or Rights goes into effect and requires that banks give you 45 days notice before raising interest rates or change you fees.
Goodman also advised people with large debt to use a cred counseling service like Cambridge Credit Counseling.
However, Cambridge Credit Counseling is finding itself in some hot water lately especially in Illinois. Cambridge Credit Counseling is being sued by the Attorney General of Illinois has. The reason for the Illinois AG’s lawsuit has to do with Cambridge’s relationship with the for-profit groups of Brighton Credit and Brighton Debt. Cambridge actually paid themto service debts instead of the for-profits paying Cambridge for directing business to them.
Another issue is Cambridge Credit Counseling’s fee structure. Cambridge charges a set up fee that is equal to a client’s monthly payment, which is similar to the fee Ameridebt charged in the past. The law in Illinois limits those fees to $50.
This news is going to be big because Cambridge is the biggest in the credit counseling industry. They could have as many as 50 to 100 thousand active clients if not more. Who knows what will happen when other states file their own lawsuits agains Cambridge Credit Counseling.
Have you had any credit counseling experience? My wife filed with Ameridebt about 11 years ago, and things got much worse for her. In fact, she ended up in bankruptcy over it. Now, she is in a class-action lawsuit against Ameridebt. What are your credit counseling experiences?
Cambridge Credit Counseling, Credit Counseling
Tags: 11 Years, Ameridebt, Attorney General, bankruptcy, Cambridge Credit Counseling, Card Holder, Class Action Lawsuit, Consumers, Counseling Service, Debts, Fee Structure, hot water, Illinois Ag, interest rates, Jordan Goodman, Lawsuits, Money Expert, New Laws, Profit Groups, Profits
Posted in Money
No Comments