Statistics Reported to Morgan Drexen Statistics Confirm Slow Economic Improvement

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Costa Mesa-based Morgan Drexen report statistics confirming a slow but steady economic improvement for many American consumers.

Economy Shows Mixed Signs of Improvement

"I think that this shows how support services like Morgan Drexen are effective for both debtors and attorneys to be able to work efficiently and cost-effectively to bring resolutions to consumer debt problems,” says Oregon-based attorney Erik Graeff

Morgan Drexen CEO Walter Ledda admits that the economy is showing conflicting signs of improvement as bankruptcy filings are down yet poverty rates are rising.

The 12-month period ending September 2010 showed bankruptcy filings at 1,596,355 compared to 1,467,221 during the same period in 2011. Filings dropped during the fourth quarter with 15% fewer filings than in the same three-month period in 2010.

According to Census Bureau data, 49 million Americans were living in poverty in 2010. This amount is representative of 16% of the nation and higher than the official poverty rate released. The new rates reflect a high poverty rate among the elderly: some 15.9% of senior citizens are classified as poor. The official rate for the entire US population is 9%.

Statistics released to Morgan Drexen, show that since 2007 the number of US consumers entering into a debt resolution program have increased by almost 40%.

Morgan Drexen provides integrated legal support to attorneys nationwide who advise and assist consumers dealing with high levels of debt. The good news is that consumers across North America are carrying less debt. The average consumer debt in 2007 was $22,000 in 2010 that average fell to around $17,000 according to statistics reported to Morgan Drexen.

“The economy shows mixed signs of recovery with bankruptcy filings being down yet poverty rates higher than ever. The attorneys supported by Morgan Drexen are showing a decline in the amount of debt Americans are entering into the attorney assisted debt resolution programs which is good news for the economy,” admits Morgan Drexen CEO Walter Ledda.

The attorneys supported by the outsourced services of Morgan Drexen have in recent months reached a milestone in reducing $300 million in consumer debt. Morgan Drexen assists attorneys in providing paralegals, accounting and marketing services creating an automated platform to maximize a law firms’ efficiency.

"I think that this shows how support services like Morgan Drexen are effective for both debtors and attorneys to be able to work efficiently and cost-effectively to bring resolutions to consumer debt problems,” says Oregon-based attorney Erik Graeff who uses the support services of Morgan Drexen to maximize his firms’ productivity.

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Raychel Harvey-Jones
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