CAMBRIDGE CREDIT ADVISES CONSUMERS TO BRACE FOR INCREASES AT THE CHECK OUT COUNTER

Consumers are urged to budget in advance of price increases

Despite their own increased expenses, many retailers have been reluctant to raise prices on goods and services, opting to secure brand loyalty and maintain their customer base as long as possible. Those days are quickly coming to an end, however, as rising fuel costs and reduced profit margins combine to wear down the last of the hold-outs. Many economists now believe that in the coming weeks and months, retailers will have no choice but to pass cost increases on to consumers.

“This is, indeed, a tough time for Americans,” notes Christopher Viale, president and CEO of Cambridge Credit Counseling Corp. “With the back-to-school and holiday shopping seasons right around the corner, things have the potential to get much worse.” Particularly troublesome are recent forecasts that household incomes will continue to struggle to keep pace with the inflated cost of retail goods, not good news as the winter heating season approaches. Consumers already complaining about the recent surge in gas prices may then be confronted with more difficult financial choices to make.

According to Viale, there may be hope for those who act quickly. “Every year, our organization helps thousands of individuals restructure their household finances. To meet the anticipated rise in expenses, consumers should reach out now to a trusted advisor, such as a credit counselor, to develop a spending plan. Higher home energy bills and food costs may actually be manageable, if families plan for them today. If they wait, there might not be enough budget flexibility to cover the higher payments as the bills come due. A counselor can help show you where to cut expenses and develop strategies appropriate to your circumstances.”

To learn how counseling can help, please visit our information page here.

ABOUT CAMBRIDGE CREDIT COUNSELING CORP.
Cambridge Credit Counseling Corp. is a professional debt counseling agency, dedicated to educating young adults on the importance of sound financial management and to providing financially distressed Americans with education and debt management services appropriate to their needs. For more information on this article or to schedule an interview, please call 413-821-6919.

Visit Cambridge Credit Counseling Corp. online at www.cambridgecredit.org. To learn more about Cambridge Credit Counseling Corp. and the community, please visit www.youtube.com/CambridgeCredit. For more helpful information, check out Cambridge’s financial literacy blog at www.cambridgecredit.blogspot.com.