Morgan Drexen Support Services Assist Record Settlements

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The American Bankers Association and FICO All Agree That the Financial Health of American Consumers is improving. Morgan Drexen, Supports Attorneys Across the United States in Assisting Consumers with High Levels of Debt. Law Firms Nationwide Supported by Morgan Drexen Saw Historically High Debt Settlement Figures in March 2011.

Americans are showing a responsible lending trend according to American Bankers Association (ABA) Chief Economist James Chessen. Consumer loan delinquencies showed improvement in the fourth quarter of 2010 and although it is unknown if the trend will continue Chessen describes the news as, “Encouraging.”

"Consumers are clearly showing better control at managing their debt even while increasing their borrowing, especially in auto loans and student loans," Chessen said. "At the same time, household wealth is up, hiring is up, and unemployment is down. When people have jobs, they can spend more and pay their bills on time," adds Chessen.

Morgan Drexen uses legal automation to support more than 35 law firms across the country. These attorneys help consumers struggling with high levels of debt. Desmond Adams is a creditor relations supervisor for Morgan Drexen. His words echo those of Chessen.

”Looking back at the settlement figures provided by the law firms we support, March 2011 showed the highest records of settlements in the history of Morgan Drexen’s support systems. There was a 13% rise in settlements this year during the month of March compared to 2010. Consumers are reducing their debts and getting their lives back on track.” Says Adams.

Cynthia Ohara, an Alabama resident reduced her debt using an attorney-based debt resolution program assisted by the automation of Morgan Drexen. Ohara worked for the same corporation for 26 years however, after her working hours were dramatically reduced her debt started to grow.

“When my hours were cut is got rough. It was enough to ruin a marriage. I was glad the attorneys came around and helped me out. I wouldn’t have made it this far; I’d still be paying so much interest. I was paying the minimum, just the minimum but it wasn’t getting nowhere,” admits Ohara.

Struggling with debt can be stressful. Ohara admits that her attitude towards obtaining credit has changed dramatically. “Don’t ever buy anything that you can’t afford. I tell everybody don’t get credit cards if you’re not able to pay them off. Being debt free I feel blessed,” concludes Ohara

For Jeromy Humes is was years of struggling with minimum payments that finally lead him to use an attorney-based debt resolution program with the Seidenberg Law office. Jeromy and his wife have been married for more than 13 years and admit that through most of their married life they have been in debt.

“We were making our payments but we weren’t seeing our balance come down. I’ll never use a credit card again-I was swimming in debt. If I had to describe being debt free ‘stress free’ would be the words I would use.” Concludes Humes

America is reducing its debt. In FICO’s quarterly survey of bank risk professionals there were high levels of optimism. The survey reveals greater optimism about the financial health of US consumers now than at any point during 2010. These results are the latest sign that America's economic recovery appears to be gaining momentum," said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs

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Raychel Harvey-Jones
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