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.