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Usury-Credit Weakens our Economy with Gordon Oliver

Today, The Two Mikes spoke with the spokesman of one of our sponsors Gordon Oliver from Cambridge Credit Counseling Corporation, which is a non-profit organization.

Mr. Oliver said that, as we all know, there is growing tension in the country as Americans worry about what the Biden administration is doing to steadily weaken our economy, as well as what the Supreme Court will decide about Biden’s desire to unilaterally forgive student loans. The court already has ruled against the plan once, and its next decision on the issue is likely to be rendered in the next few weeks. If the Court again rules against a second, Americans with student loans can expect to be required to resume paying their loans 60 days after the Court’s decision.

Mr. Oliver noted that this is a very serious moment for people without much wiggle-room in their budget, as $350 or more may be added to a person’s or family’s monthly budget if Biden fails, even as the cost of other monthly expenditures steadily rise. He spoke frankly about the dangers of dealing with companies that offer debt-relief help on "special" late-night deals on television, those who offer pay-day loans, on which interest can be 30-percent or more; and banks where interest rates of loans for people with debt problems could be up to 20-percent.

He also said that an attempt to acquire new lines of credit to pay for student or other loans could hurt a person’s credit score because the credit agencies are knocking 35 points on loan-seekers' credit score for each line of credit they seek to establish.

Over all, Mr. Oliver concluded, it would safer for a person worried about student loans and/or the monthly cost of living to get advice from Cambridge regarding their options on how to set up a monthly budget that best fits monthly income, and, perhaps most of all, to discuss these matters with a well-established company that treats those interested in its services as adults who are capable of building their own economic security with a little calm, timely, and common-sense help. Sponsors

CARES Act Stimulus

(COVID-19) Employee Retention Tax Credits (ERC):

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