Today The Two Mikes spoke to Gordon Oliver, who works for a non-profit 501C3 company named Cambridge Credit Counseling Corp which is now a sponsor of the Two Mikes.
Mr. Oliver said that his company has been in business for 26 years, and that the current post-pandemic period is getting to be a financial burden for many people as they are no longer able to save and paydown their credit accounts, and are — because of the Biden administration’s policies — spending a good deal more than normal for the costs of day-to-day living, gas, rent, heat, mortgages, etc.
Americans, he said, are well into a period where they must face having to pay quickly rising costs of living with money they do not have, and so are turning to credit cards to pay for living expenses, not frills and nice-to-haves.
Mr. Oliver noted that Cambridge has long experience in helping people realistically plan for what’s ahead, and provides advice on how to make a plan and draft a budget that will help to cope with rising prices.
Mr. Oliver also said that the issue of student loans is another area in which individuals and families need to prepare to deal with as the overall costs of living increase. He noted that lenders are eager to give those in debt for school loans several or more years of what is called “forbearance” which allows the borrower having trouble making ends meet to skip payments.
This is trouble in the guise of cooperation as during the no-payment period, interest will continue to accrue on the school loans and when economic times improve, the borrower will owe much more than he or she did when granted “forbearance’.
Mr. Oliver said that Cambridge has been helping people with problems such as these since 1996, and is ready to help anyone who needs assistance in planning for the now accelerating down economy.
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Two Mikes | Cambridge Credit
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