Morgan Drexen Supported Attorneys Curb Burden of Consumer Overspending

In a recent survey of 3,000 Americans, more than half of the respondents spend more than they earn a few months out of the year, according to the survey conducted by Rasmussen Reports.

As a result of overspending, 21.7% of the 1,500 respondents who exceed their income use their credit cards to meet obligations and 36.2% dip into their savings when they are financially stretched.

Attorneys nationwide supported by Costa Mesa-based Morgan Drexen have dedicated the majority of their practice to helping consumers regain control of their finances.

The 66 law offices across the country provide non-formal debt resolution services to more than 30,000 Americans who are trying to resolve their unsecured debt.  By utilizing the back office support services provided by Morgan Drexen staff and automation-based technology implemented in Morgan Drexen Integrated Systems (MDIS), these attorneys save time and money practicing law.

As a result of savings incurred by using Morgan Drexen, the attorneys are able to offer affordable and comprehensive legal services to thousands of struggling consumers.

“Morgan Drexen helps my firm by providing excellent support and organizational services.  The paraprofessionals at Morgan Drexen are fantastic at what they do and are pleasant to work with,” says Georgia attorney Jennifer Lehr.

“They schedule all of my appointments for me and ensure that I can access all of my client's files quickly and easily, therefore saving me time and my clients’ time and money.  I could not manage the volume of clients I am now representing without Morgan Drexen,” Lehr adds. 

“I got into debt using just one credit card. I had a shopping problem,” said Laura M from Iowa.

“The credit card companies were just calling me and hassling me and I wanted to improve my credit,” Laura explains.

By living beyond her means, Laura had accumulated more than $6,500 of credit card debt.  She was unable to keep up with the payments and decided to engage in a non-formal debt resolution program with Howard Law, one of the attorneys supported by Morgan Drexen.

“The attorney helped me get my credit cards paid off and made me more financially aware. It was such a relief,” says Laura.

“Being able to part of a program that has helped more than 4,000 clients get back on the road to financial freedom has been an honor, and I look forward to helping thousands more,” says Laura’s attorney Vincent Howard of Howard Law.

Morgan Drexen Supported Law Firms Relieve Consumer Credit Card Reliance

While average credit card debt has declined, many households still rely on plastic to pay for basic living expenses, including groceries, rent or mortgage bills, and utilities and insurance, according to a new survey from think tank Demos.

Demos is a multi-issue national organization that combines research, policy development and advocacy to influence debt and spur change.

In 2012, the average individuals credit card debt totaled $7,145, down from $9,887 in the last Demos National Survey on Credit Card Debt of Low-and-Middle-Income Households.

However, despite the lower balances consumers are carrying on their cards, 40% of households still report using credit cards to pay for everyday living expenses because they did not have enough money in their checking or savings accounts.

 For consumers like Daniel B. from Iowa, relying on credit cards became a way of life after he experienced a significant job loss.

“Our income fell drastically and we just got behind,” explains Daniel of his lay off from his accounting manager position.

Daniel was able to eventually find new employment, but not before his wife lost her job, and they had to relocate the family to a different city.

The nearly $95,000 of debt the couple accumulated over the course of two years resulted in harassment at all hours from creditors.

“It was just every night the phone would ring. Saturday morning 8 o’clock, the phone would start ringing, Sundays it would ring at 8 again and we just couldn’t get them to stop.”

The couple, unable to catch up on their bills with one income, engaged in a non-formal debt resolution program with J D Haas Trial Lawyer, supported by Morgan Drexen.

California-based Morgan Drexen provides software systems and administrative support services to attorneys across the nation who are helping consumers settle their unsecured debt.

With the legal assistance provided for the attorneys who utilize Morgan Drexen Integrated Systems (MDIS), Daniel was able to settle his debt.

“I feel less pressure and more that we’re able to breathe and that we’re able to start saving for the future instead of spending out every dime or paying out every dime that we make,” explains Daniel.

According to the 2012 Demos survey, unemployment was among the leading contributors to credit card debt. 86% of households that incurred expenses due to unemployment took on credit card debt as well.

The attorneys supported by Morgan Drexen have settled more than 105,000 accounts and reduced consumer debt by more than $357 million across the country.  

Morgan Drexen Supported Attorneys Relieve Strain Leftover from Recession

While the country is not technically in a recession anymore, according to a survey by the Washington Post and ABC News, more than 75% of Americans believe the economy is still in turmoil.

The official end to the recession was in January 2009, according to the National Bureau of Economic Research, the organization responsible for determining when business cycle event begin and end.

Facts however show that many American households are worse off than they were three years ago, with a poor job market, slow employment gains, gas prices and inflation serving as the main culprits.

As a result Americans accumulated more than $48 billion in credit card debt last year, or 424% more than they did in 2010 according to a study by CardHub.com.

California-based Morgan Drexen provides integrated support services to attorneys nationwide that are helping American consumers settle their debt and regain control of their personal finances.

The network of 66 law offices nationwide offer non-formal debt resolution programs to consumers with high levels of unsecured debt. The attorneys are able to provide top-notch legal services at a fraction of the cost, due to the comprehensive back office support they receive via Morgan Drexen Integrated Systems (MDIS). 

“The software provided by Morgan Drexen Integrated Systems (MDIS) saves me time and money which in turn saves my clients money. The support allows me to focus on the law so I am not bogged down with administrative functions. Without Morgan Drexen I would not be able to do what I do,” says Texas attorney Kiedra Phillips.

“I accumulated most of my debt because of all the years I had access to a lot more money when I was working, then when I retired I didn’t and had lots of credit cards and bills,” says Nancy D. from Delaware.

I’m grateful for the attorney for not just getting me out of debt but getting me to learn to how to live in this economy on a fixed income,” Nancy concludes.

Morgan Drexen attorneys have helped more than 3,790 consumers settle their unsecured debt and reclaim their financial wellness to date.

Boomerang Generation Moving Home and Settling Their Debt

More than 75% of young adults ages 25 to 34 that have back home with their families during the “Great Recession” and the tough economic years that have followed, say they are ok living with their families and optimistic about their future.

The Pew Research Center study finds that while 8-in-10 young adults who live with their families don’t have currently enough money to lead the kind of life they want compared to 55% of their peers who aren’t living with their parents.

While before the “Great Recession” there was a stigma attached to living at home with mom and dad, today’s young adults or “boomerang generation” don’t have those same feelings due to the poor economy. In addition, the sharing of family finances has also benefit many parents of the generation, where 48% of boomerang children pay rent to their parents and 89% help with household expenses.

Southern California resident Robert P. struggled like many in his generation with finding a good job post-college and debt. He accumulated more than $75,000 in credit card debt “being young and dumb”.

“The monthly payments got so high I just couldn’t handle them and I wasn’t working,” explains Robert.

Robert engaged with the Costa Mesa-based firm Howard Law supported by Morgan Drexen, also Costa Mesa-based, to help him gain control of his personal finances by settling his debt.

“The attorney costs were fair and it significantly helped with my monthly burden,” says Robert of the non-formal debt resolution program he engaged in.

Robert settled his debt within a couple years and learned a valuable life lesson in personal financial management along the way, “Right now I try to pay off everything and put away a little but every way I can.”

For more than five years, Morgan Drexen has been providing integrated software solutions and paraprofessional support to law offices across the nation these attorneys primarily offer non-formal debt resolution programs to consumers.

By utilizing Morgan Drexen’s automation platform attorneys are able to manage complex legal documentation from anywhere in the world and with greater efficiency. These benefits not only help the attorneys but equal savings for consumers on legal services.

“Using Morgan Drexen’s support services makes my national debt resolution and bankruptcy practice more streamline and cost effective for my clients,” says California attorney Vincent Howard of Howard Law, P.C.

To date Morgan Drexen supported attorneys, including Howard, have reduced consumer debt by more than $341 million and helped 3,608 consumer settled their unsecured debt.

Attorney-Base Debt-Resolution Programs Increase in Value Alongside the U.S. Dollar

The dollar is near an 11-month high against the euro, yen and other major currencies according to the U.S. Dollar Index.

The economy seems to gradually be improving and the dollar is now only 2% below it’s all time high which ran the course of 52 weeks.

Experts attribute the dollar being up to the Federal Reserve and the upcoming expected announcement, that no more monetary stimulus plans will be adopted. Essentially printing money to purchase bonds in the past caused the value of the existing dollars in circulation to be weakened.

Consumers nationwide are desperately hoping the signs of the economy turning around are accurate and here to stay. Thousands of American families struggling with high levels of unsecured debt have turned to attorneys supported by California-based Morgan Drexen.

Morgan Drexen provides integrated systems support based on automation and utilizing cloud computing technology, to a network of 66 law offices nationwide. These firms utilize Morgan Drexen Integrated Systems (MDIS) to help with legal documentation, client management, appointment setting and accounting, which enable them to provide more cost-effective legal services to consumers.

For nearly five years, Morgan Drexen supported attorneys have allowed more than 3,556 families, to settle their unsecured debt, including credit cards and medical bills, and regain control of their personal finances.

William T. from Georgia, like many Americans felt the burden of the down economy when he lost hours working as a mechanic and had to use his credit cards to help supplement his income.

“I had $8,000 worth of debt on my card mainly from bills and living expenses,” explains William.

After hearing about an attorney-based non-formal debt resolution program supported by Morgan Drexen, William engaged his debt in the program for help paying it off.

“The attorney worked with me pretty good. They asked me what I could pay and I like how they worked with my budget. I liked that part,” adds William.

Today William has reached settlements on the debt he entered into the program, “Oh my god you just don’t know how happy I am. I feel so free,” William admits.

“Being a part of a professional community that has so significantly helped those struggling throughout our control financially, is extremely rewarding,” says Morgan Drexen CFO David Walker.

“During these tough economic times it’s vital for American families to take control of their personal finances. Utilizing an attorney-based program to help navigate the legal system and settle debt has proven effective for thousands of struggling consumers,” Walker adds.

Morgan Drexen currently supports more than 30,000 attorney-clients engaged in non-formal debt resolution programs nationwide.

Big Banks Strike Back Again with Fees

Despite consumer backlash late last year and millions fleeing banks, big banks are testing fees once again to make up for declining revenues and a more strict regulatory climate.

Major banks have quietly imposed or are testing other fees under the radar. Since November of 2011, Well Fargo has charge customers $15 a month for some checking accounts unless the customer has at least three accounts with the bank with a minim balance of $7,500 or has a mortgage with the bank.

Bank of America, who attempted to impose a $5 monthly fee for using a debt card last fall but had to answer to thousands of angry customers and dropped the plan, is testing new checking account fees in some states ranging from $6 to $25.

The fact of the matter expert say is that nothing in baking is free anymore. In 2009, all the big banks offered free checking and almost none to today with fees being imposed for everything from debt card transactions, money orders or cashiers check and monthly service fees for failure to maintain a pre-determined balance.

“The average American is struggling with the rising cost of necessities, so with banking fees that could cost a consumer up to $300 a year, a significant portion of the population will be forced out of big banks,” says Morgan Drexen Chief Financial Officer David Walker.

Costa Mesa, Calif.-based Morgan Drexen provides administrative and integrated systems support service to a network of 66 law offices nationwide who are dedicated to helping struggling consumers with their finances.

These firms offer a variety of legal services including non-formal debt resolution programs that enable consumers to settle their unsecured person debt and regain control of their finances.

Mary J. from Nebraska felt the rath of one of the big banks when Chase bought up three of her credit card balances and combined the balances, thru raising her interest and payments.

“I would send $1,000 and everything was going to the principal. And I was looking and the balance was never going down, even though I was increasing payments. I asked them to consolidate so I could make one payment. I was working to pay them. Other things were going by the wayside,” explains Mary.

Mary considered her age wanted to settle her debt as soon as possible so she could enjoy the rest of her life debt free. She quickly engaged in a non-formal debt resolution program with the Williamson Law Firm supported by Morgan Drexen and immediately started experiencing relief, “In less than a month I was not receiving any calls. I was call free and just that alone was a big relief to me. Because I was being harassed telephone wise. It was a relief I could just answer my phone and not worry about anything.”

Within three years the law firm helped Mary reach settlements on her engaged accounts and she got her wish, “Just to know that at I can at 76 years old know that I can close my eyes and not owe anyone that was the ultimate goal. I just feel very grateful and relieved that I am debt free.”

Morgan Drexen enables law offices like the Williamson Law Firm, to provide the highest quality legal services to consumers at lower costs. By utilizing automation based technology accessible via cloud computing and with trained paraprofessionals supporting the firm and it’s clients, attorneys have less billable hours and overhead costs.

Since 2006, Morgan Drexen supported attorneys have helped 3,490 families regain control of their personal finances and settled more than $338 million in consumer debt nationwide.

More Americans Planning to Save Their Tax Refunds

43.8% of Americans expecting a tax refund this year will put away some of their cash into savings, according to a recent survey by the National Retail Federation.

The 2012 Tax Consumer Survey found that nearly half of consumers who are anticipating a refund would put it aside for a rainy day or a big getaway, up from 42.1% who said they would last year.

According to the survey, nearly 4 in 10 Americans will use some of their refund to pay down debt and 28.7% will use their refunds to pay for everyday living expenses. Compared to only 12.3% who will use it to pay for new luxury purchase such as a television, the majority of consumers surveyed are taking control of their finances.

For nearly five years, Costa Mesa-based Morgan Drexen has been supporting attorneys nationwide who have been helping consumers regain control of their finances year-round and not just during tax season.

With more than 31,000 clients engaged currently, the 66 law offices utilizing Morgan Drexen Integrated Systems (MDIS) across the country are drastically reducing consumer debt.  These attorneys provide non-formal debt resolution services at lower legal costs due to the back office support they received from Morgan Drexen.

Morgan Drexen enables these attorneys to save money on technology, paralegal, marketing, processing and general administrative support, which is passed down in savings to consumers struggling financially.

Robert P. from San Diego, California engaged in a non-formal debt resolution program with Orange County-based Howard Law when he was unable to keep up with the payments and interest on his more than $71,000 of credit card debt.

“The best thing about the program was that it kind of allowed me to turn my financial situation around and put some money away. Instead of having like $1,500 a month in payment, I paid around $672 and I was able to put a little bit away which was good,” explains Robert.

Robert who previously described his debt as a result of being “young and dumb” with the legal assistance provided by Howard Law reached settlements on his engaged debt and started building up his nest egg.

“Right now I try to pay off everything at the end of each month and put a little bit aside every way that I can,” adds Robert.

Howard Law utilizes Morgan Drexen support services to help manage complex legal documentation through the proprietary software based on automation and accessible anywhere via cloud computing technology.

“Consumers are increasingly more vigilant about how they spend any extra income that they receive and are taking responsibility for debt and investing in a more financially stable future,” says Morgan Drexen Founder and CEO Walter Ledda.

To date Morgan Drexen supported attorneys have reduced national consumer debt by more than $336 million to date.