Batten Down the Hatches with Gordon Oliver

Today, The Two Mikes spoke with Gordon Oliver from
Cambridge Credit Counseling for an update on America’s
economic situation.

Mr. Oliver explained that the economy continues to struggle and, in
some sectors, decline. He thought that Americans are beginning to
catch on that there is a lot of talk going on about plans to
improve the economy, but the fact is that almost nothing is being
accomplished; the mortgage industry is in disarray, and more
interest rate hikes are coming. He specifically spoke of the
Supreme Court’s decision regarding Biden’s plan to forgive student
loans.

The decision was, of course, simple commonsense; namely, when you
borrow money, you must pay it back because no one else will do so
for you. The Court said plainly that citizens cannot be forced to
pay for loans with which they had nothing to do. Biden knew that
and yet he played the loan-holders as fools in hopes of maintaining
their electoral support. Student loan debt stands at $1.9 trillion
and monthly, payments are again going to be collected and will add
a renewed new drain on a person’s monthly budget after a
several-year hiatus. There also is bad news regarding credit-card
debt, which now stands at $1 trillion dollars and interest rates on
such cards are about 22-percent.

It is time, Mr. Oliver said, for citizens to “batten down the
hatches” and recognize that there is no cavalry coming to eliminate
debts, and that each of us must track expenses and attempt to live
according to our means. Sadly, for the near future at least,
luxuries must be set aside.

Mr. Oliver also reminded us again that the Cambridge Credit
Counseling has more than 20 years of experience and provides an
awarding-winning free service for people under pressure from
economic conditions and silly government actions.
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